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Keeping up with compliance in a tech world

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As we move into the age of the fourth industrial revolution we are faced with an environment in which disruptive technologies and trends such as the Internet of Things (IoT), robotics, virtual reality (VR) and artificial intelligence (AI) are changing the way we live and work.
As a result of the growing complexity of and changes to legislation, companies need to have a comprehensive view of the regions in which they operate and the their corresponding regulatory obligations.
In response to this, Deloitte has launched the a regulatory monitoring tool, a first in Africa in terms of the content it houses for Africa.
The Deloitte Regulatory Visualiser Tool is a centralised “single source of regulatory truth”, built on a data analytics enabled platform, enabling a client to visualise its regulatory information across its footprint both locally and across the globe.
“The Deloitte Regulatory Visualiser solution is unique in its capability to provide customised alerts regarding changes to a client’s regulatory landscape based on the client’s footprint across the globe and Africa. In addition, the solution is scalable to include any other data, such as financial, internal audit and human resources data – all of which can be overlaid to enable strategic insights into the business,” says Deloitte’s risk advisory director Candice Holland.
The tool ensures that all data is kept up to date as changes to legislation occur. As changes to the solution are made, a notification is sent confirming what changes to the solution were made (for instance, what legislation changed across the client’s footprint), how the change can impact the clients business, a recommendation on next steps to mitigate the impact of the change as well as any impending legislation coming down the line.
Notifications are specific to the information which is developed for the business so that only relevant content and recommendations are provided. Any regulatory data developed will remain current, the value of this is significant.
“The Deloitte Regulatory Visualiser Tool covers all the countries Deloitte services, in Africa that’s 51 of the 54,” says Holland. “Through this tool, users are equipped with a holistic and strategic view of regulatory business obligations across its footprint and when this information is aligned to operational data, such as revenue and market share, important decisions, such as identifying growth opportunities, are far better informed.”
Africa’s consumer-facing industries are expected to grow by more than $400-billion by 2020, any potential investor in Africa would need to be aware of:
* Changes in legislation, particularly competition or anti-trust legislation and regulation;
* Ability to understand your regulatory obligations prior to and during the process of acquiring investments in Africa;
* Ongoing business initiatives to prevent anti-competitive behaviour post acquisition; and
* Monitoring ongoing business interests on a day-to-day basis, as these factors can significantly increase the risk and complexity of investing in Africa.
Essentially, the Deloitte Regulatory Visualiser Solution is one which enables the visualisation, monitoring and storage of regulatory and other information in a user-friendly manner to assist in regulatory compliance efforts. The tool provides a strategic and integrated overlay of macro-economic information, client specific information and regulatory information to ensure that such information adds value to the business in the long term.
Holland adds: “The solution can be customised to include any additional data that may be meaningful to the client. As long as the data exists, it can be visualised.”