Our most recent research with YouGov showed that 55 per cent of consumer organisations viewed compliance with non-financial reporting requirements as an excessive or demanding pull on resources.
Many consumer organisations have large and complex supply chains, third party networks and global workforces. As an industry the consumer sector is exposed to several vulnerabilities that recent regulation and legislation has sought to combat.
Equality and diversity, Tax evasion, money laundering and bribery, evidence of modern slavery, fraud – the list goes on. It is critical therefore for consumer businesses to be able to have defences and procedures in place to mitigate these issues from their own organisation and wider networks.
The cost of not being compliant impacts operations, reputation, and in many cases the bottom line. Compliance, and proactive management of these issues is no longer a choice – it needs to be a priority.
The impact for the sector could be huge and action needs to be taken to establish a robust industry standard across a range of very real issues.
For more information on tangible steps to take across all these issues, download RSMs Beyond the Balance Sheet guide by filling in the form below.