In a country like Oman, with Government aspirations to diversify the economy away from a dependency on oil, the business environment is always evolving and thus poses new and/or heightened risks to businesses. Add to this, there are many additional regulatory imposed requirements as the service industries (such as financial services, health care, telecoms, education etc.) broaden their product offerings to meet the demands local residents for services comparable to other developed countries.
The country has witnessed a significant rise in regulatory bodies working independently of each other, with respective sets of rules, policies and requirements. As these regulations increase, stakeholders’ expectations rise and businesses are exposed to a greater degree of compliance risk than ever before. It is all too easy for business owners to find themselves in violation, leaving their companies open to stiff penalties, suspension and potentially dissolution.
On the business side, risks come in many disguises, either from internal or external threats. Businesses need to be aware of the risks of fraud and inefficient operations never mind the ever-increasing reliance on the internet, which brings with it the potentially devasting cyber risks, as the criminals have no respect for national borders.
Therefore, having a complete and thorough understanding of corporate compliance and risk management is crucial to protecting your business for the years to come.
At Crowe Oman, we understand that compliance requirements can be complex, and business owners may be aware about the latest rules and regulations and/or still find it difficult to implement or keep track of changes in laws and regulations. Our objective is to contribute to recognising the need for action, help you create an imperative towards greater compliance, and protect your business’s legal and financial standing. After all, when it comes to compliance, ignorance of the law is no defense.
We offer appropriate, tailored, transparent and easy-to-understand risk compliance advice that provides a sense of comfort, knowing that your business is running without the risk of non-compliance issues.
Today, more than ever, your business is exposed to significant risks that could have a long-term adverse effect on your assets, financial situation or profitability.
According to the latest Global Risks reports, risks are becoming increasingly imminent and materialising in new and sometimes unexpected ways. Existential threats confronting companies today are multiplying, such as new competitors, regulatory complexities, supply chain fragility and cyber-threats, to name just a few. Understanding the drivers of these global risks will help to boost policies and strengthen risk governance.
And as the economy moves to ensure fairness, transparency and accountability across all industries, the country continues to witness fresh regulatory enhancements with each passing day. Fast-evolving regulatory changes and enhancements are of paramount importance to both businesses and citizens as well as the government authorities, as they offer better levels of protection to consumers and service providers.
At Crowe, our major service offerings are designed to support your overall risk management efforts, particularly in the areas of: