TORONTO, ON - BDO, one of the world's leading public accounting, tax and advisory organizations, has released their Compliance Assessment offering. The proprietary assessment methodology will integrate with Microsoft's Compliance Manager solution. This offering was developed to help companies assess where compliance gaps exist within their organization, and to assist in identifying and remediating these issues to achieve overall compliance.
Microsoft Compliance Manager helps organizations assess compliance risks, govern and protect sensitive data and respond to regulatory requirements. The tool in combination with BDO's approach gives companies a complete picture of their compliance. Beyond assessing a company's compliance, the offering includes 1-on-1 consulting with a compliance expert who can provide context and make the assessment relevant and actionable to the organization.
“Being able to bridge BDO's deep expertise in compliance advisory with a technology offering like Compliance Manager not only proves the value of our strategic partnership with Microsoft, but also results in a triple win for our clients.” said George Logaras, BDO Canada Strategic Alliance Lead.
BDO compliance assessment with Microsoft Compliance Manager
No matter what industry a company falls within, compliance is key to business success. Every company has compliance obligations which they must meet in order to operate. Additionally, if an organization is fully compliant, they're also managing risk and improving efficiency across the organization.
Therefore, it's critical that companies know their compliance maturity and address areas that need improvement. With BDO's Compliance Assessment, companies can get a gap assessment and start their journey to overall compliance. The three steps included in the assessment are as follows:
- Step 1: Regulatory discovery. The assessment starts by reviewing global, regional and industrial regulation requirements, as well as standard requirements.
- Step 2: Compliance sessions. Next, BDO will execute a proof of concept (POC) data protection baseline assessment and review results (note: other assessments are available upon request).
- Step 3: Compliance strategy. Lastly, a compliance expert will work with the company to strategize an approach based on POC assessment results.
The assessment provides companies with a roadmap to address compliance gaps and provide recommendations on how to address these gaps. The recommendations include ways for companies to align and optimize controls, people and process improvements, technology recommendations and a prioritization of roadmap items.
“This offering will provide clients with significant value due to its ability to rapidly demonstrate where the compliance risk exists within an organization and the strategies to build a sustainable compliance program,” said Pierre Taillefer, BDO Canada Partner, National Risk Advisory Leader.
By increasing their compliance score across an organization, BDO can help companies demonstrate compliance, manage risk and improve efficiency. BDO will assess, assist with remediation and provide evidence to help businesses meet their organizational compliance obligations. Following the assessment, BDO will also assist with implementing optimized controls to reduce an entity's compliance risk profile. Finally, by utilizing tooling and best practices, BDO can assist with implementation of effective and efficient compliance processes for the organization.
“BDO is very excited to bring this important offering to market,” said Ric Opal, BDO USA Principal and National GTM and Strategic Partnerships Leader. “There is a significant need for compliance solutions that are seamless and scalable.”
BDO saw a need for a solution like this and knew it would be valuable for companies across the globe. If any company wants an all-encompassing solution for starting their journey towards regulatory compliance, BDO's Compliance Assessment is a great place to start.
“We're pleased that BDO created this solution to help companies assess their compliance,” said Om Vaiti, Principal PM Manager at Microsoft. “Combining the technology and power of Compliance Manager with BDO's compliance experts will help our mutual customers address their compliance needs with agility and at scale.”
BDO is a leading provider of professional services to clients of all sizes in virtually all business sectors across the globe. Our teams deliver a comprehensive range of assurance, accounting, tax and advisory services, complemented by a deep industry knowledge. In 2020, BDO has 1,658 offices in 167 countries and territories worldwide, with global fees of US$10.3b in the year ended 30 September 2020. BDO', ‘we', ‘us', and ‘our' refer to one or more of BDO International Limited, its network of independent member firms (‘the BDO network'), and/or its independent member firms.
Clients choose BDO services because we:
- Have years of knowledge and experience
- Understand compliance best practices
- Deliver best-in-class solutions to our clients
- Understand the industry-specific needs of our clients
The BDO network is an international network of independent public accounting, tax and advisory firms which are members of BDO International Limited and perform professional services under the name and style of BDO (hereafter: ‘BDO member firms'). BDO International Limited is a UK company limited by guarantee. It is the governing entity of the BDO network. Service provision within the BDO network is coordinated by Brussels Worldwide Services BV, a limited liability company incorporated in Belgium. Each of BDO International Limited, Brussels Worldwide Services BV and the BDO member firms is a separate legal entity and has no liability for another entity's acts or omissions. Nothing in the arrangements or rules of the BDO network shall constitute or imply an agency relationship or a partnership between BDO International Limited, Brussels Worldwide Services BV and/or the BDO member firms. Neither BDO International Limited nor any other central entities of the BDO network provide services to clients.
BDO is the brand name for the BDO network and for each of the BDO member firms.
Pierre Taillefer, Partner, National Risk Advisory Leader