The accelerating shift to digital has exponentially multiplied the potential for financial fraud and thus heightened the regulatory scrutiny on compliance. Amidst growing online transactions, increasing reliance on the cloud and third parties, and proliferating cyber attacks, organizations will need to completely restructure their risk and compliance functions.
Several key shifts will drive greater effectiveness and efficiency for the function. Invasive compliance will see security protocols baked into technology controls, in addition to existing in-house organizational controls. Further, a mass control approach will be used to assess risk at an industry, sector, or segment level. Also, big data, machine learning, text-mining, and advanced analytics will come into play for real-time compliance filing capabilities.
In sum, Finance.nxt will drive compliance very differently from what it does now. Read our whitepapers to discover how best to dot all the i’s and cross all the t’s.
Improved tax collection through prima facie adjustment, better communication, and systematic identification of omitted income.
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