The 10th annual Compliance Week Conference took place recently in Washington, D.C. John Rogler, Welocalize Regional Business Development Director attended the event, meeting with compliance, risk and audit executives from organizations all over the world. In this blog, John shares insights into some of the key trends and discussion highlights.
Compliance Week is a great forum for compliance and ethics professionals. At this year’s event, attendees were able to share best practices with other professionals who have similar goals, objectives and challenges.
Many of the discussions provided a great deal of information to enhance the compliance functions, in both industry and government. If you operate in a highly regulated industry, linguistic accuracy for compliance documentation in all target languages is crucial. The smallest detail matters – or you could face legal action.
Whether localizing supporting documentation or the compliance program itself to meet local regulatory standards, experience and specialist knowledge is required. Localization partners must be part of the compliance team to successfully drive a global strategy.
At the event, I spoke with compliance professionals and shared Welocalize’s experience in developing multilingual compliance content. Here are five highlights from my conversations at Compliance Week 2015:
ONE: Global regulatory change is creating the biggest challenge due to inconsistency, overlap and short timeframes. If separate countries operate in silos, then inconsistencies will occur. By centralizing and including your localization partner onto a global, thus driving a central global strategy, inconsistencies will be dramatically reduced and thus efficiencies increased.
TWO: Understanding regulator’s expectations and requirements and being able to interpret and apply them is also a huge challenge. Simply keeping ahead of the many new regulations and changes is a real challenge but tracking and analyzing regulatory change will prevent any surprises and enable compliance functions to be prepared.
THREE: Global compliance can be expensive; however, investment in effective global risk and control will benefit in the long term. Statistics shared at the event by Thomson Reuters indicated 68% of compliance professionals are expecting an increase in their compliance budget this year, with 19% expecting significantly more budget. It is generally agreed that good compliance equals good business.
FOUR: There is significant expected growth in 2015 of information published by regulators and exchanges; 2014 growth was around 75%. This has a significant impact on the compliance localization strategy. Not only must more information be published in target locales, but also information produced by local regulatory offices must be understood to ensure full compliance.
FIVE: Avoid litigation! This is an obvious objective for all compliance professionals. There were several legal discussions around fraud, whistle-blowing, internal processes and the best practices to avoid litigation. Global organizations must adhere to compliance and legal regulations in all the countries in which they operate. Compliance practitioners and senior executives want to avoid liability – whenever possible!
Understanding global compliance content in all target markets is key to international success and prevention of costly legal battles. This means understanding and publishing compliance content in many languages, ensuring accuracy and subject matter expertise in all relevant areas. Partnering with a global localization services provider that has experience in compliance translation is key.
Welocalize has experience in this complex sector and by attending Compliance Week, it enabled me to talk with compliance professionals and keep at the forefront on key topics affecting the global compliance community.