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Diligent finds 32% of UK Directors feel Regulatory Compliance is the biggest organisational challenge

Diligent finds 32% of UK organisations feel regulatory compliance is the biggest challenge their company currently faces, with only a quarter feeling confident they have the right technology in place to overcome it.

With the new UK Audit and Corporate Governance Reform set to come into play, new data shows a growing number of UK businesses are concerned about how to meet these new auditing requirements and other regulatory compliance rules coming into force. Technology will be integral to enable companies to meet these new regimes, but interestingly, many UK companies lack internal or external capabilities to achieve this.

The UK government recently announced details of its new corporate governance reform which goes beyond what was previously referred to as “UK SOX”.  This will place substantial new reporting requirements on directors and require top officials to attest a company’s internal controls are robust enough to ensure financial statements are reliable and protected against fraudulent or predatory practices.

Christopher Mills, Regional Sales Director at Diligent, said: “This is a challenging time for UK businesses, however there are many benefits to come from the implementation of this audit reform. With the right support and guidance, organisations can feel more confident in being able to comply with the new regulatory guidelines and make the industry a safer and secure market to do business.

Despite no set date on the introduction of the UK Audit & Corporate Governance Reform, it is never too early for organisations to invest in technology to create a robust financial controls framework and programme. Although the effort involved is often chronically underestimated, the introduction of technology can be implemented by partners in the timeframe required, if support is harnessed.  Basically, think about preparing now, so when the bell goes, your company is one step ahead. At Diligent, our platform helps organisations to drive efficient internal controls management to increase efficiency, reduce risk of error and elevate assurance.”

Research gathered from 34 Directors of UK companies at the Diligent Inside Track on Modern Governance Event, held in London in October 2022

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