There’s no doubt about it: more is demanded of compliance professionals than ever before. And often against a backdrop of demanding regulations, skills shortages and business demands for faster controls. At the same time, there are a number of myths that make compliance unnecessarily difficult. In this article, we disprove the two most frequently heard misconceptions about compliance – once and for all.
A customer is late in paying their invoice: a familiar problem that you’re sure to have encountered. In the best-case scenario, the problem can be resolved with a reminder. But the worst case is if they cannot pay you at all – which of course has consequences for your business.
Imagine: You are about to pick up on a lead and call the person or company in question, only to discover that the customer information is incorrect. Sound familiar? Then you and your colleagues are having data management problems. That usually only becomes apparent at the most crucial moments. A data problem moves across different departments. The finance department, for example: an incorrect invoicing address will mean that the customer never pays their invoices, since they never received them in the first place. Or the marketing department, trying to launch a personalized campaign, but unable to find a salutation or full first name in the data for each and every contact person.
Big data: it is a fact of life. We create nearly 2.5 trillion gigabytes of data a day worldwide. And that number continues to grow. If the Forbes study is accurate, we will reach as much as 150 trillion gigabytes of data in the year 2025. This just makes the data industry even bigger.
How will data help us to get through the corona crisis? Sam Vandormael will tell you more about this in the next two minutes. 🎥
Are payment deadlines still respected these days? Timely payments are key for the cash flow of companies and for the economy. Adriaan Kom will tell you more about it in the next two minutes.
Will risk scores and credit ratings survive #COVID19? Joris Peeters will tell you more about this in the next two minutes. 🎥
Is solidarity only for individuals in society or is there something as moral behavior between companies in these challenging times? Adriaan Kom will tell you more about this in the next 2 minutes. 🎥
Naarmate het nieuwe coronavirus zich buiten China en landen over de hele wereld verspreidt om hun burgers te beschermen tegen de uitbraak, wordt de volledige impact van het virus steeds duidelijker. In minder dan een maand tijd zijn er wereldwijd honderden doden gevallen en tienduizenden mensen besmet geraakt.
Identifying the ultimate stakeholder – or Ultimate Beneficial Owner (UBO) – might be the biggest challenge in your KYC process. Especially in a time where companies are setting up the structure of their organisation in such a way that they will have the most financial benefit from it. For example, to create a favourable tax climate. The fact that this results in a large cross-border spider web is more often the rule than the exception. But how do you gain insight into the entire family tree of an organisation without slowing down your KYC process?