Resources for Federal Financial Institutions Examination Council (FFIEC)

Compliance makes better business sense

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As more and more Bangladeshi companies participate as suppliers, contractors or customers in the global commercial hub of today's flat world, understanding of and adherence to global compliance norms has become essential for companies of all hues. Compliance to global operating standards makes good business sense too.

Today, irrespective of where a company is based, if it does business on a global scale, which a lot of companies based in Bangladesh, now do they need to understand the best practices and measures for compliance adopted by companies spread across various geographies? It is increasingly becoming essential for them to smoothly and responsibly do business with counterparts worldwide. Whether they are component suppliers to the automobile giants, outsourced partners for retail chains or emerging manufacturers setting up projects overseas, knowledge of global compliance norms is becoming an integral part of their competitive DNA.

While compliance has become a necessity due to mandates and the corporate governance code of the Securities and Exchange Commission (SEC) of Bangladesh it can bring about significant positive organizational changes. For instance, it can boost investor confidence and turn the company into a leaner entity, with more agile business processes and more profitable operations.

To traverse from mere compliance to active corporate performance management, businesses need to focus on strategic goal setting and alignment; planning, budgeting, forecasting and modeling; and operational analytics, reporting and consolidation.

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