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|Total Solutions Middle East is the leading compliance consultancy and training service company in the Dubai established in 2004, We provides HR Solutions, contracting, outsourcing and Payrolling services as well.|
Compliance Services – Reduce The Complexities
Compliance is the most common term used in the business world in Dubai. Teams face an increasing array of rules due to increasing number of partners with which industries work and failings exposed by the financial crisis. Under these circumstances, businesses end up expending billions of dollars on various control processes. They add more and more compliance staff to keep things under control. Companies actually wish to double the compliance team in the coming year to keep pace with the changing rules. Tougher regulations are actually causing the businesses to do so. So companies are taking every step to strengthen their Dubai based compliance teams.
Local regulators are also moving to strengthen scrutiny of their industries and bring laws into line with developed markets. Additionally, they are trying to move closer to ‘unified standards’ to keep up with the compliance demands.
Consequences of not making up to compliance laws
The penalties are severe for industries if they are found to violate the compliance rules. The rules were not so severe in the past, but now it is expected that the action will be taken against the industries found violating the law. It can also put a real threat to ban an institution from carrying out transactions. This requirement to comply with rules regarding compliance Dubai not only imposes further costs on the businesses but also affects the health of the business.
Businesses have to increase their investment manifolds in order to meet stipulated criteria. In addition to making the significant investment, businesses are also struggling to identify, hire and retain compliance staff. The talent shortage is yet another problem faced by the businesses. It also increases the competition and businesses struggle to secure the best talent. In addition, they have to make sure that the existing staff has to be brought up-to-date with the latest regulatory updates. This again adds more to the overall expenses made by the businesses. While counterbalancing between all these factors, they are also required to make sure all necessary measures to ensure compliance.
There are ‘innovative’ solutions to help businesses deal with the current compliance requirements. Outsourcing brings an opportunity to the businesses that are doing their bit to meet the regulatory requirements. Financial service companies offer services to help with compliance Dubai and ensure that their clients can get best help whenever they need. They can also get the work done on time without requiring their clients to have in-house compliance team. Thus businesses can save money on recruiting in-house staff while ensuring they meet all the regulatory demands.