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2023 GRC Outlook: Four Key Priorities for Effective Compliance and Risk Management
  • Article, Global

2023 GRC Outlook: Four Key Priorities for Effective Compliance and Risk Management

In the competitive global business ecosystem, effective Governance, Risk, and Compliance (GRC) have emerged as critical priorities to align operations, mitigate risks, and ensure adherence to regulatory frameworks. Forward-thinking businesses implement robust and adaptable Governance Risk and Compliance Solutions to make informed decisions.

Businesses can make smarter decisions and mitigate risks by deploying smart GRC programs. In this post, we are going to prioritize four aspects that should streamline your operations in this regard.

Understanding the Components of a Strong GRC Framework

Before recommending the top four priorities in 2023, let’s evaluate the core components of a strong FRC framework.

1. Governance

Governance serves as the foundation of effective business management. It encompasses policies, rules, and responsibilities which stakeholders and senior management professionals need to adhere to. Governance ensures better operational efficiency and optimizes resources by emphasizing transparent information sharing, conflict resolution plans, and accountable practices.

2. Risk Management

Risk management goes a long way in identifying and mitigating risks on different fronts. It encompasses legal risks, business strategy risks, and informational security risks. Risk management involves a holistic approach to mitigate these risks. It offers a united framework that strengthens disaster recovery protocols.

Top organizations largely count on enterprise risk management solutions to ensure their business continuity.

3. Compliance

Compliance refers to the process of adhering to legal regulations, standards, and ethical policies. Forward-thinking businesses strive to maintain their organizational integrity by incorporating compliance. These legal protocols apply to every sector, including healthcare, IT, food and drugs, etc.

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Governance Risk

The Importance of GRC: Mitigating Risks, Maintaining Compliance, and Enhancing Governance

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How Can the Power of GRC Solutions Future-Proof Your Business?

There’s no denying that your organization needs robust corporate governance solutions to navigate through these challenges. Under any circumstance, it’s imperative to embrace the potential of GRC solutions. This way, you can effectively manage risks and capitalize on your opportunities.

However, these challenges continue to persist in the competitive business environment. Compliance leaders expect another 30% increment in compliance costs with the evolving regulatory demands and customer needs. Business leaders need to realign their priorities to address these challenges.

Here are four prime recommendations that should bail you out.

1. A Business-First Approach

Prioritizing the needs of your business is of paramount importance while working on GRC. Regulatory compliance is important for all organizations. However, each business operates under unique circumstances, which calls for a highly customized approach. Rather than viewing GRC as a mere box-ticking exercise, make sure to craft a GRC program aligning with your business goals.

A business-oriented stance ensures that your GRC program spearheads you to success and helps in cultivating resilience while navigating risks. GRC leaders need to engage with stakeholders across the organization to strategize an effective and relevant program. It’s crucial to remember that GRC involves fostering an accountable and compliant culture. This calls for building stronger relationships within the organization.

2. Prioritizing Risks after Categorizing Them

Eliminating risks from your business environment is virtually impossible. For organizations with limited resources, effective risk management turns out to be crucial. Therefore, these organizations need to consider their legal obligations and manage these risks.

At the outset, your strategy should involve categorizing and prioritizing risks in such a way that the tactic aligns with your business. Carefully scrutinize the chances of each risk affecting your business and the corresponding intensity. Also, include both internal and external factors, ranging from employee errors to cyberattacks.

Many successful enterprises are heavily counting on third-party risk management solutions in the wake of attacks targeting their supply chains and vendors. Vulnerabilities in third-party relationships continue to be a significant threat even when you have robust internal policies and controls. This explains the importance of establishing a single source of risk truth providing visibility to risks of all sizes.

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3. Keeping Track of Global Regulations

Rather than being a periodic task or a one-time project, GRC is a continuous process. It’s a type of change management adapting to the evolving economic conditions amidst complex regulatory norms. Businesses often find it challenging to achieve continuous compliance and maintain the same. The reason is that it requires you to monitor the security posture of your organization continually and adhere to industry best practices and new regulations.

While regulatory initiatives usually give breathing time to businesses before they apply, changes can occur more rapidly than anticipated. For instance, many organizations were caught off guard during the introduction of GDPR and CCPA. Thus, it’s crucial to keep track of global compliance regimes proactively.

4. Align GRC and ESG Initiatives Together

There’s a common element between GRC and ESG (environmental, social, and governance) strategies, and it is governance. ESG involves the concept of corporate social responsibility (CSR). Therefore, both serve as different self-regulation forms that leave a positive impact on the communities. While ESG and CSR aim to meet specific targets, aligning them with GRC makes the approach more holistic.

GRC primarily focuses on risk reduction and legal compliance. However, ESG takes businesses a step further by exceeding current regulations and industry best practices. So, it’s wise to align GRC and ESG to bring substantial value to your organization and enhance your brand image. This would also help your business stay ahead of regulations.

Is It Time to Invest in Business Integration?

At IMC Group, we understand the significance of GRC in helping your organization unlock its full potential. Our governance risk and compliance solutions can empower you to ensure compliance and drive sustainable growth. Explore our range of solutions and invest in business integration to embrace the path to success.

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From Compliance to Growth
  • Article, Global

Unlocking the Future: A Study of EOR & PEO Industry Trends

Difference between peo eor

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What is a PEO? – What is it, How it Works, and When Can You Benefit
  • Article, Global

What is a PEO? – What is it, How it Works, and When Can You Benefit

When expanding globally, it can be overwhelming to navigate the plethora of acronyms and jargon in the world of international employment. But don’t let technical language hinder your progress. In the interest of simplifying things, we will clarify the most perplexing term – Professional Employer Organization.

The definition of PEO?

A PEO is a company that provides comprehensive human resources services to businesses. These services can include recruitment, payroll processing, benefits management, other administrative tasks, and assistance with local employment laws and tax compliance.

PEO shares the HR responsibilities and liabilities. PEO takes over the entire range of HR functions such as employee benefits, compensation and payroll administration, workers’ compensation, and employment taxes.

This is where the Confusion Arises…

The terms “Professional Employer Organization” (PEO), “Employer of Record” (EOR), “Global Employment Organization” (GEO), and “Global PEO” are often used interchangeably, but there are some variations depending on your location.

In the United States, the term PEO is typically used and refers to a co-employment model where both the client company and the PEO have rights and responsibilities as an employer.

The client company manages the employee’s day-to-day duties, while the PEO handles legal employment and personnel-related functions like payroll. One important distinction to keep in mind is that co-employment requires the client company to be a legally registered entity in the country where the employees are based.

Is a Professional Employer Organization (PEO) the right choice for my business?

PEOs are essential for companies looking to expand internationally, as the process of global expansion involves navigating various administrative, regulatory, and financial challenges, which can be overwhelming.

Navigating the different employment regulations in various countries, regions, or states for non-resident companies can be a significant challenge for international expansion, especially for those unfamiliar with concepts such as 13th-month or 14th-month payments.

A Professional Employer Organization (PEO) can handle all the challenges that come with expanding internationally. Businesses are required to have a legal entity while the PEO handles the entire HR responsibilities, manage benefits such as health insurance, help with recruitment and stay up to date on local regulations, allowing companies to focus on their core business operations.

In addition, companies that work with a PEO tend to experience faster growth, lower employee turnover rates and have a decreased risk of failure in the international business world.

If you want to accelerate your growth plans and hire employees in a different state or country, partnering with a PEO will be a beneficial decision for your global expansion journey. To learn more about our international PEO services, contact us today.

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A Guide to Handle Remote Recruitment Process
  • Article, Global

A Guide to Handle Remote Recruitment Process

The COVID-19 pandemic and technical improvements throughout industries forced businesses to adopt remote working as an essential component of the fundamental corporate strategy. Even so, every firm performance in times of turmoil depends on its ability to transition towards this novel standard operating style.

Due to this change, businesses’ three most frequent difficulties are finding, recruiting, and keeping successful remote workers. Many service providers offer Global EOR Services for recruiting ideal remote employees.

Employing workers remotely necessitates a more deliberate approach. Furthermore, 73% of employees and 83% of employers stated that remote work is a tremendous success in worldwide surveys. Not only are you attempting to connect the ideal individual with the right job, but you are also looking for people who would be comfortable working remotely. Let us explore more about this:

Remote working: An overview

Everything is evolving due to remote working, including our views on work-life balance, communication methods, and efficiency evaluation techniques. Several regulations that previously set the limits of our working lives have changed due to the “massive remote operational experiment.

The job market will undoubtedly entail decentralized, transnational, co-located, and remote skilled workers that use online tools to stay in contact efficiently. Several businesses have practically stated a WFH “permanent” plan, and according to 53% of American survey, participants will do at least some of the future projects from home.

Essential Points to Consider While Recruiting Remote Staff:

While it may be simple to hire remotely, it might be more challenging to switch to a workspace that values remote workers. Once you’re managing payment in several nations, attempting to interpret several employment rules, and managing taxation, geographical boundaries still play a significant role.

Finding world-class talent in the industry is among the significant issues businesses undertake. Despite millions of available jobs posted daily, the employment market is highly competitive. Let us consider some important aspects while managing remote working recruitment:

1. Payroll Management:

Despite the most straightforward situations, payroll might be a hassle, particularly for small enterprises with financial accounting. Managing payroll might be legally risky if you recruit people worldwide in new regions.

The logical move is to connect with Payroll outsourcing solutions for a sustainable administration of the employers of reference in case the company wants to build a branch overseas.

2. Probability of A Permanent Establishment

Organizations with a consistent presence in a nation are referred to as “permanent establishments” for accounting purposes. If the nation has a permanent establishment, corporate income taxes could be levied overseas. Companies may also adhere to regulatory requirements that differ from those of other foreign businesses.

3. Invention and IP Rights

Even traditional office structures allow for a country’s capital of workplaces at a time, creating intellectual property rights a little easier to understand. Global recruits make it a little more complicated.

There are times when remote workers do not use business property, tools, or expertise. Losing IP rights due to ignorance of international norms may lead to legal disputes, reputational harm, and other issues.

Advantages of Remote Working:

Global Employee Benefits Solutions manages the merits and drawbacks of remote work. Meanwhile, building diverse personnel was never more straightforward, thanks to software products that support routine activities and streamline communication.

The primary benefits of remote working for business units all centre on how it affects regular activities, profitability, and workforce well-being. Below are a few benefits of working remotely for the corporate project team:

Savings on Teamwork Activities

Spend less on social occasions like birthdays or Christmas parties and allocate the money to higher-impact projects. So, the expense of items like renting premises and activities supplies, is far lower when you also aid in work teams digitally. Using digital technology makes it perfectly feasible to create a positive environment for remote employees.

Interaction is Upgraded

Getting together on the same level has never been more straightforward than today, Accessing email threads or excessively laborious performance reviews and consolidating all conversations, documents, and clearances within a location is of much hassle.

Advanced Skilled Workforce

Commercial firms are no longer confined to recruiting locally. It gives them a much better opportunity to discover a candidate with the specific qualifications, expertise, and personality that will fit in with the company. Recruiting native speakers, include viewpoints from distinct cultures, and assemble a diverse team of experts to develop together.

Improvements in Employee Wellbeing

Indeed, allowing the staff to remote work may help them maintain a healthy work-life balance. People can alter the environment to accommodate their requirements better, become at ease in their attire and technological schedule, and attend to their bodily and psychological demands.

Gains in Efficiency

According to research, remote employees are 20% to 25% more efficient than those working in an office. There seem to be more possibilities to take regular breaks when required. It helps improve general performance, focus, and innovation with many other advantages. It also provides reduced social interruptions.

Process of Remote Work Recruitment:

It’s essential to begin employing the remote professional until you’ve established the chosen Global PEO Services.Reviewing the ability and experience difference you’re aiming to close is the first step in the procedure. Let us assess the detailed process:

Develop a Job Specification

For the audience to grasp the position, its needs, and its aspect to fit inside the organization, job skill sets must be helpful. You would like to encourage the candidates to enrol while keeping it brief and straightforward.

Examine Resumes and Choose the Ideal Candidate

After posting the job requirements, one must examine the applications. The system will determine the submitted applications, but it is essential to evaluate it immediately and eliminate any minimally skilled candidates.

Arrange the Teleconference Interview Schedule

Several minor adjustments will be made to the subsequent conventional stages for remote hiring. Plan a live interview with the applicants you’ve chosen rather than a face-to-face one. Set up a date for a teleconference by communicating via message and email to the applicants for the interview.

Evaluate the Candidate's Competence

As shortly as the call begins, one should evaluate the application as one would for the position. After asking them all the concerns you would ask regarding an internal appointment, find out if they can work remotely.

Examine the References

Indeed, check recommendations to confirm a candidate’s employment record and work style, as you would with any employer. Specialist references can verify a candidate’s abilities as an employee and validate job duties inside a particular organization.

Develop an agreement

No employment is considered legitimate without a written employment agreement outlining the specifics of the deal you’ve negotiated. With existing employees, you probably have a suite of standard documentation that can be customized for every recruit. Examine that to make sure they accommodate remote employees’ expectations.
Conclusion:
All business executives and personnel can take advantage of working remotely. Flexibility in working remotely can positively affect both parties’ performance, work-life balance, and expenditures. Some organizations set the benchmark with their business solutions and achievements since they understand that recruiting remote workers is frequently the most effective approach to cover skills shortages and produce incredible outcomes.

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Top Questions When Selecting a Global PEO Providers
  • Article, Global

The Top Questions When Selecting a Global PEO Providers

So, in order to assist you in your global expansion efforts, you have chosen to work with a global PEO (Professional Employer Organization). That’s a great initial step but roll up your sleeves because the journey ahead is not as easy as this step. Now you should concentrate on getting the PEO Partner, which is best suitable for you, which should be a trustworthy partner who will strengthen your company’s reputation.

Selecting the correct PEOs plays an important role when it comes to streamlining your expansion in new areas. If you are successful in this step, then you’ll be able to lower employee turnover, significantly decrease costs, quickly expand your organization, and most importantly will be able to carry on your business without any interruptions.

Then comes the question of choosing which PEO will supplement your growth, as there are so many?

This is where we can come for your assistance in finding the best PEO in Dubai. We have enumerated 5 questions that one must ask himself before making the move on selecting the best PEO Services in Dubai. So without any further ado, let’s begin!

What kind of support do they provide, first?

  • Will your PEO be there for you if you need assistance with an HR issue?
  • Do you need to reach out to a call centre or can the PEO company send someone to meet you in person? Will your organization’s needs be met by the same committed team, or for each time when there is a new problem, you deal with a different person?
  • What HR or business processes can they handle?

Payroll management, providing employee benefits, assisting clients with compliance, and managing routine HR tasks like onboarding paperwork are all core PEO services. Some PEOs, however, take on additional tasks.

You can locate a PEO that provides services in a variety of areas, from hiring and employee training to workplace safety and performance evaluations, if you require them. Consider the advantages and disadvantages of hiring internally versus outsourcing before committing to these extra services.

What HR procedures do I contract out?

It can be challenging to remember which tasks your internal HR team should take care of and which ones you should delegate to a PEO when you divide your HR duties among them. Is it the PEO’s responsibility to ensure that employees register on time for benefits, for instance, or do you have to take care of that yourself?

To determine how many internal HR employees you’ll need to manage the remainder, ask the PEO precisely what services they provide.

What software do they use for payroll?

Payroll Services in Dubai and other HR technology should be offered by your PEO. One advantage is that you will have access to the most recent technology.

It’s important to consider whether you and your HR team will feel comfortable learning and using this technology because you and they will need to use it frequently. Do they provide a comparable service? To make sure the technology is suitable for your team before enrolling, ask if you can test it out first.

Don’t wait until you’re already bound by a contract before you realise you might be working for the wrong company. You can find the best partner for your workforce by inquiring the aforementioned five questions of prospective PEOs beforehand.

Conclusion

In addition to being expensive, running a business frequently requires spending too much time on time-consuming tasks. Because of this, an increasing number of companies are using PEOs (Professional Employer Organizations) to outsource tasks like payroll, risk management, and HR (human resources) for Global Mobility Services. But if you don’t ask the right question, it can be difficult to find the right PEO. Contact us right away if you have any questions; we have all the answers!

FAQ’s

What assistance do you offer in helping us draft employment contracts that are acceptable and legal?

The Global PEO should be aware of the particulars of the hire, as well as the nation, and should provide your team with best practises recommendations.

What kind of technology does PEO provide?

In the end, you select an HR solution in order to simplify your life. The platform must be simple to use for the solution to be effective.

What HR or business processes can they handle?

Payroll management, providing employee benefits, assisting clients with compliance, and managing routine HR tasks like onboarding paperwork are all core PEO services. Some PEOs, however, take on additional tasks.

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