Regulatory Compliance and Risk Management Budget Proposal Report

This report addresses the need for an increased compliance departmental budget, considering the rising volume of regulatory changes and the need for effective risk management within a financial context. The report highlights the challenges faced by compliance officers, including limited resources and the pressure to minimize costs. It presents a detailed analysis of compliance activities, including internal audits, financial risk management, and tax management, to justify the budget request. The report emphasizes the importance of securing compliance resources through effective methods, the use of appropriate technologies, and the establishment of a framework for managing compliance risk. The report discusses the need for a unique compliance technique to give the organisation a competitive edge. The report is structured around the need for a compliance team, and how to improve the value of investment in compliance.

REGULATIONS &
COMPLIANCES
Name of the student
Name of the university
Author’s Note

*Based on 1st year projections
INTRODUCTION
2
Compliance Management
- Compliance refers to sticking to the rules and regulations
- Compliance management allows managers to lead, plan
and organise activities
- It also ensures compliance with laws and regulations of
the company
- To minimise the overall cost and maximise the
productivity.

TYPES OF COMPLIANCES
ACTIVITIES
3
• Internal Audit is the act of
assuring consulting activities in
an organisation to ensure value
addition and better operations
• utilizes technologies to
maximize the effectiveness of
the organisation
Internal Audit
• Financial risk management
includes activities that reduces
interests, credit losses, effects of
foreign exchanges and many
more
• An ideal risk management
practice ensures:
- Transperency of business
transactions
- Better understanding of the
policies
Risk Management
• Tax management aims at
minimizing the resources used
at the time of compliance and
reporting.
• Effective tax compliances is
embedded with sensitation at
the time of data entry.
Tax Management

OUR CURRENT COMPLIANCE
ACTIVITIES- PWC
4
Work on high risk
areas with concerned
stakeholders
Identify control gaps
using qualitative tools
Review areas
highlighted by Internal
control premises
Recommend
improvement practices
consistently.

COMPLIANCES COST AND
CHALLENGES
5
1.Digitalisation
2.Competition in the market
3.Requirement of domain
expertise consulting

PWC aims at developing unique and updated compliance
techniques to reduce compliance costs and gain a competitive
edge in the industry.
PLANNED
COMPLIANCES
6

COMPLIANCE RESOURCES
- Effective methods of securing compliances
7
- Adopting a unique compliance technique
to give the organisation a competitive
edge.
- Using a right combination of technologies
and tools to extract and control data.
- Define a framework to manage
compliance risk

REFERENCES
8
Schwanke, A., 2017. GE/PwC deal advances trend to outsource tax functions. Int'l Tax Rev., 28, p.19.
Griffith, S.J., 2015. Corporate governance in an era of compliance. Wm. & Mary L. Rev., 57, p.2075.
Naheem, M.A., 2016. Internal audit function and AML compliance: the globalisation of the internal audit
function. Journal of Money Laundering Control.
Dimyadi, J. and Amor, R., 2013. Automated building code compliance checking–where is it at. Proceedings
of CIB WBC, 6, p.1.
Ghanavati, S., Rifaut, A., Dubois, E. and Amyot, D., 2014, August. Goal-oriented compliance with multiple
regulations. In 2014 IEEE 22nd International Requirements Engineering Conference (RE) (pp. 73-82).
IEEE.

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YOU