Globalization has opened more business opportunities around the world, but the pace and rigor of regulatory oversight and enforcement are rising as well, and regulators are cooperating more across international lines. For a company that operates in more than one jurisdiction, the risk of unintentional and even irreconcilable conflict is a natural consequence, and the resulting environment can affect the way people go about their business. To cope, companies should find ways to adapt global goals to local specifics.
That was a key takeaway from a great exchange of views I was privileged to moderate at the recent Cross-Industry Compliance Leadership Summit at Deloitte University. Compliance chiefs from financial services, life sciences, health care, consumer products, entertainment, communication, natural resource extraction, retail, and other industries gathered to compare their experiences and insights. In our own spheres, global regulation is a topic we address every day. But sharing views among different industries was a refreshing opportunity.
Continue reading “Compliance executives say globalization amplifies regulatory challenges–and agree local knowledge and communication are keys to overcoming them”