Global compliance is a cornerstone of good business practice: a key factor in strategic commercial decisions and crucial for sustainable growth.
Yet, it can still be viewed as an obligation to be met rather than a driver of value. A recent report from Mazars, Unlocking trust: why global compliance is on the business agenda, gathered views from senior compliance professionals worldwide on the responsibility that business leaders have towards global compliance and the return on investment they expect to see.
Other findings from the survey are highlighted below.
The impact of good accounting/tax compliance performance on business operations is invaluable to organisations. 65% of respondents think good compliance performance has a major impact on investor confidence; 64% say it has a major effect on increasing client/customer trust, and 61% believe compliance boosts reputation with the general public.
Increased complexity, Covid-19 and new legislation are the top three challenges businesses are expecting to face in the next five years.
Over three-quarters (78%) of businesses are looking to invest in new accounting and tax compliance technology in the next five years, with 42% planning a major new investment. Development of new skills/capacities within teams is the second-biggest area of investment (73%).