Regulatory Services

The key to effective compliance management is active monitoring and awareness.

Our integrated solution, Complied✅, allows a consistent and dedicated focus on the all-relevant evidence to achieve compliance.  Effectively we provide a compliance diary that is linked to accountability and regulation to drive evidence of complying and making that compliance easy.

Complied ✅ empowers businesses by creating awareness of the regulatory obligations, and assisting in monitoring obligations by triggering alerts to those responsible and accountable. Regulatory compliance or lack thereof could carry severe penalties and reputational risk to an organisation including but not limited to incarceration of the directors. The regulatory & policy risks can be mitigated with the right systems & partner to assist in achieving effective compliance.

Our Compliance platform will help you manage governance, growth, clients, risk management and compliance, conflicts of interest to mention a few.  Our solution is content rich.

Technology: Centralized Web Server, Cloud Based, Business Intelligence Dash-boarding, Analytics, Reporting. Building and maintaining the business application requirements is owned at an enterprise level. The IT resource are only needed for special requirements otherwise organisations can be self-sufficient in running and adding functionality as needed. 

Complied ✅is a SaaS (Software as a Service) solution, that can be accessed either by our public cloud platform, or installed at user premises as a private cloud service.  The solution is web-page driven allowing dynamic and remote working environments.

Processes: Master Regulatory Universe, Client Specific Regulatory Universe, Act Interpretation, Obligations Management, Accountability Management, Responsibility Management, Notifications Management.

By defining a Master Regulatory Universe (MRU), which in essence is all regulation in South Africa, awareness is created for the scope of compliance responsibilities, and ownership is able to be defined for these obligations within the organisation. The access to the Master Regulatory Universe is through Complied ✅ where we have contracted with Acts on Line to provide the access to all South African Laws.

The system allows you to capture Acts, Standards, Guidance and any other policy level requirements which have compliance deadlines within the organisation. These elements can be categorised, and assigned individual responsibility and accountability. We use the MRU to determine which Acts are relevant to the client. For example, most of the Finance Acts will be relevant. However, within the Finance Acts there are many sections that are irrelevant such as the duties imposed on the Commissioner for Inland Revenue. We have extracted from the Acts many of the matters that are generally required of all organisations, for example the completion of tax returns. We set out what compliance looks like and how is it achieved with evidence of the activities completed. We do not, for example, set out how to complete the return – eFiling is developed for that! But a completed tax return must be filed on due date unless an extension has been granted. The completed return is evidence of compliance or the extension is the evidence but creates a future obligation.

This platform is for use in maintaining our understanding of your business and meeting specific audit and assurance regulatory requirements as well as live projects.

Client View

The client view is essentially the organisation specific compliance risk universe – all important matters to which the organisation should comply. We emphasise the important matters as this will depend on the circumstances of the business.

Complied ✅ offers a comprehensive client management portal, that links to the email/ outlook addresses within the organisation.  We have already moved forward with the CIPC Checklist requirements embedding these assessments as part of the offering. This is a new requirement that is being enforced through S4 of the Companies Act.

Our Legal and Regulatory Environment Assessment provides a library of over 400 Acts and Regulations to help determine what you need to comply with. This provides an overview to understand the complexity and scale of your legal obligations. The initial focus is to help define what potential penalties and fines that your company could face in the event of non-compliance.

Objective - To deliver a solution with the following key function:

Compliance Universe, Incident/Breach Management, Risk Management, Action Management, Exemption Management, Assessments, Findings, Business Compliance, Staff Compliance, Declarations & Disclosures.

Our PKF Client Portal can provide our clients with the required services to assist with completeness of their Business Compliance and Staff Compliance, employee annual declaration and enable a formal assessment of the declarations through direct and indirect access to the relevant statutory databases.

Approach

Our PKF delivery objectives focuses on key policy requirements.

• Coverage of all key staff and stakeholders
• Annual assessment
• Monitoring and escalation of outstanding returns.
• Detailed reporting of assessment results.
• Mapping and comparison to external statutory and other external databases.
• Reporting on outcomes and reportable events
• Final Report. The solution is portal driven which means that users are able to customise the view and information that is displayed based on the individual that has logged into the platform. Notably the diary view has proved to be most useful.

Our planned activities to support the approach will be carried out in five phases.

Phase 1: Planning

After on-boarding on our PKF client portal, we will create user profiles for all in scope employees. Note that the portal allows for additional staff to be added for maximum flexibility. When adding staff, a detailed instruction pack is automatically sent, containing the relevant instructions and requirements to be completed.

Phase 2: Identification

Identifying compliance of legislative acts pertaining to the organization, rate of importance.

Phase 3: Assessment & Ownership

Identify key responsibilities that would cause non-compliance for an organization, and allocating responsibilities.

Phase 4: Obligations Diary

Set up of an obligation diary for employees and management, with allocated tasks and their deadlines.  Notifications are sent to staff advising them of due task and dates.  Should these not be complied with, escalation takes place to management.

Phase 5: Monitoring and Independent Assurance

Our PKF Client Portal will provide a detailed report of all completed returns and follow up on open returns. We will complete an assessment of the returns using our internal sources, external databases and other sources as required. Detailed reports of all exceptions will be noted and provided to management. Our final phase will provide a detailed report, on an annual basis.

We also provide the organisation with employee conflict of interest declarations and gift registers plus other any other declarations or submissions