MANAGING COMPLIANCE AND REGULATORY RISK
This risk can be seen in these 5 areas
Taxes and
other mandatory payment.
Legal
requirements
IT
requirement.
Labour laws
and right.
Internal
control and adherence to organisational policies
TAXES AND OTHER MANDATORY
PAYMENTS.
Tax
constitute a major compliance risk to many businesses.
Ability to
manage this risk can mean success to your businesses.
Always look
for legal opportunity to reduce your taxes.
In any tax
system there are possible legal ways to reduce your taxes.
Some are
deliberately created to encourage savings, pension arrangement and
employment.
Work with a
tax expert and also research on a particular tax matter to understand some tax
transaction important to you.
You should
know that no matter the tax expert you hire you are responsible for your
tax matters.
‘Financial-Tax
budget’ is important to put in place.
LEGAL REQUIREMENTS.
Many
businesses need to meet certain requirements before they can operate.
Registration
with authorities and having operating license.
Information
technology.
Laws
regarding information technology needs to. Security of private information.
Data security and compliance to I.T standard and laws.
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LABOUR LAWS AND RIGHT
Businesses
needs to manage humans.
A lot of
business risk comes from human capital management.
Understanding
labour laws. And introducing policies that will protect the organization from
litigation and reputational risk.
Internal
control and adherence to organisational policy
Internal
control is key to fraud and theft prevention.
Regular
checking to see that organisational controls are strong. And the policy is
being controls are being adhered. How organisational resources are being used
is monitored. These resources are effectively and efficiently used.
Assurance that all organisational revenue is being
accounted for.
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