Written by Orbiter Marketing and Peter Nguyen (SVP, Legal, Associate General Counsel, and Assistant Corporate Secretary of The Descartes Systems Group Inc.) this eBook outlines how changing regulations have stress-tested the ability of corporations to respond swiftly. Meanwhile, reputation management has never been more important - as the lines between negative public sentiment and regulator enforcement grow closer. Good corporate governance is both increasingly demanding and more difficult.
"I would tell any legal operations team to consider Athennian because it will save time. It will create organization and processes that you can roll out to multiple teams and allow full visibility and transparency for your entities around the world.
Today, many businesses rely on their Governance, Risk and Compliance processes to steer their organizations toward their goals, manage risks and ensure compliance with regulatory requirements. However, many of these businesses have inherited old approaches that don't work well in the ever-changing legal environment and don't allow them to scale up effectively.
Businesses have long been able to operate in the U.S. without needing to disclose vital information on their ownership, management, and operation. With the implementation of the Final Rule of The Corporate Transparency Act Regulations, that freedom will soon be a thing of the past. The Final Rule is a major update to U.S. anti-money laundering legislation, and compliance will be obligatory for both existing and new companies. Breaches may result in severe penalties.
When businesses fail to comply with legal requirements, they face investigations, financial penalties, and even jail time for executives. This risk can result in a financial burden and a tarnished reputation. These consequences make corporate compliance essential for businesses that don’t want to be hit with fees or other legal actions.