Multi-jurisdiction Compliance system gives the Board an overview of compliance status of the organization for all jurisdictions at any time which makes it easier for the Board to take any business decision effectively and carefully.
Management is immensely benefited by this multi-jurisdictional compliance system as it saves their time and effort in monitoring the compliance of each jurisdiction separately and it would help the management to establish a healthy compliance culture in the organization across all jurisdictions which also helps in optimizing the productivity and efficiency of the organization.
Role of Global Compliance Officer is getting more importance and they are more prominent and pivotal in managing cross-border compliances of multi-national companies. Multi-jurisdiction compliance system makes it easy for the GCO to monitor the compliance programme across all jurisdictions more efficiently and effectively and to identify and mitigate compliance risks at global level.
A good multi-jurisdictional compliance system enhances productivity of the stakeholders involved in compliance management and assists them in functioning seamlessly. It also enhances stakeholders’ bonding and cultural connectivity across all jurisdictions.
Vendors inherit their compliance practices to some extent from the business they work for. A good multi-jurisdictional compliance system of a company demands and derives better compliance practices from its third party relationships across the world.