In recent years APAC businesses have had to deal with a huge array of new regulations, a study reports. Not all have yet managed to adapt, a report shows.
The report, jointly released by TMF Group and Asia Risk, shows that many businesses are struggling with the volume and pace of change. When asked to rate on a scale of 1 to 10 their confidence in their organisation's ability to remain compliant in 2019, more than one fifth of respondents rated their confidence five or less.
Organisations across Asia Pacific (APAC) are struggling to keep up with new compliance rules. The study, based on a survey of more than 100 senior legal and compliance professionals across the region, found that almost 40 percent of respondents see changing local and global regulatory requirements as a major challenge.
Crucial Issue
But a worrying majority (57 percent) of respondents did not take any action in 2018 to adjust to regulatory changes, and do not currently have any actions planned for 2019 (62 percent).
«In recent years APAC businesses have had to deal with a huge array of new regulations. Most firms are only now becoming aware of the size of the challenge they pose – but not all have yet managed to adapt. This is a crucial issue for the region’s companies, as failure to comply can have seriously detrimental consequences,» Leila Szwarc, global head of compliance at TMF Group, said.
