Organizations across Asia Pacific are struggling to keep up with new compliance rules, said TMF Group on Friday.
While almost 40% of organizations see changing local and global regulatory requirements as a major challenge, a worrying majority (57%) didn’t take any action in 2018 to adjust to regulatory changes, and don’t currently have any actions planned for 2019 (62%), according to a report titled Facing the future: developing a response to regulatory change a report jointly released by TMF Group and Asia Risk.
The report was based on a survey of more than 100 senior legal and compliance professionals across the region, said TMF Group.
In addition, many businesses are struggling with the volume and pace of change.
When asked to rate on a scale of 1 – 10 their confidence in their organization's ability to remain compliant in 2019, more than one fifth of respondents rated their confidence five or less, TMF pointed out.
“In recent years businesses in Asia Pacific have had to deal with a huge array of new regulations,” said Leila Szwarc, global head of compliance and strategic regulatory services at TMF Group. “Most firms are only now becoming aware of the size of the challenge they pose – but not all have yet managed to adapt.”