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Management Consulting Services
Global Consultants provides a comprehensive package of Management Consulting services to a broad range of businesses operating in the Kuwaiti and GCC marketplaces. We draw upon our international alliance and expertise, as well as our experienced consultants having in-depth knowledge of the critical strategic issues and day-to-day operational challenges facing different industries and professions within publicly and privately held entities.
Management Consulting Services
Regulatory Compliance
Organizational and Job Structures
Job Description
Salary Surveys and Structure
Designing Authority Matrix
Designing Total Reward System
Performance Appraisal System
Developing Policy and Procedures
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Regulatory Compliance
In business entities, the term Regulatory Compliance is deemed as one of the bases and factors of success of such entities. It plays an essential role in safeguarding the entity’s reputation and credibility, as well as the interests of shareholders. In addition, it protects the entity against any penalties that might arise from non-compliance with the regulatory rules.
Regulatory Compliance is defined as the mechanism whereby the risks of non compliance, in business entities, are identified, assessed and overseen; relevant advice is provided; and relevant reports are developed. Failure to abide by the systems and controls imposed by the regulatory bodies may subject the entity to regulatory or administrative penalties, financial losses or reputational damage.
Regulatory compliance involves two parties; the first one is a governmental body regulating the practice of certain business activity; while the second one is subdivided into two constituents: the supplier of activity and the beneficiary of the activity. The relationship between such parties should mark parity, fairness and transparency.
The application of the regulatory compliance role in business entities helps:
Avoid the risks of non compliance, namely the regulatory risks, the reputational risks and the financial fines.
Strengthen the relationship with the regulatory bodies.
Apply the approach of sound management in such entities.
Develop the mechanisms and frames required to fight crimes, particularly the crimes of money laundering and terrorism financing.
Maintain the values and professional practices adopted within such entities.
The regulatory bodies are classified below as per their influence on the Country’s economic activity, locally and nationally:
Central Bank of Kuwait (CBK) which regulates the banks and banking activity.
Capital Markets Authority (CMA) which oversees the companies running securities activities.
Ministry of Commerce and Industry (MCI) which regulates the closed shareholding companies as well as the sole proprietorships.
Below are certain examples of the regulatory rules issued by regulatory bodies in order for such entities to abide by:
Corporate Governance (CG).
Anti Money Laundering and Counter Terrorism Financing (AML / CTF).
The Foreign Account Tax Compliance Act (FATCA).
Law No. 7 of 2010 concerning the Establishment of the Capital Markets Authority.
Risk Management.
Disclosure and Transparency.
The Decree Law No. 25 of 2012 concerning the Companies Law as amended by Law No. 97 of 2013.
Risks of Non Compliance:
The terms of “Risks of Non Compliance” refers to the risks resulting in penalties and regulatory procedures, financial losses or reputational damages arising from failure of entities to comply with the systems, instructions, rules and circulars issued by the regulatory bodies.
Regulatory incompliance can be detected by means of regular inspection conducted by the regulatory bodies, covering the entities under their respective supervision.
Regulatory compliance-related advisory services rendered by the Global Consultants:
The Global Consultants provide companies with advisory services on the regulatory compliance, assessing their situations in light of the regulatory requirements; developing effective plans to rectify their situations; determining the required systems, policies and procedures; and highlighting the amendments required to align with the regulatory requirements as set forth in the applicable laws, decisions and instructions.
 
GLOBAL CONSULTANTS
KUWAIT
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Tel: +965 1828283
Fax: +965 2294 2649
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info@gckw.com
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