Top 5 Compliance Issues That Non-Profits Face And How To Fix Them

Operating as a non-profit organization in an overly competitive and capitalism-first economy means that there is no shortage of obstacles. Non-profits are bound by unending public scrutiny coupled with strict government regulations because of the special financial privileges they enjoy. The tax-exempt status combined with access to public funding is two very good reasons why compliance, on all fronts, can’t be ignored.

The Two Big Compliance Fines of 2020

Regulatory watchdogs around the world served stiff penalties in 2020, with major financial institutions being asked to own up for their deficiencies and malpractices. Citigroup faced a $400 million fine for risk management shortfalls, JP Morgan was charged $920 million for illicit market activity, Westpac agreed to a record fine of AUD 1.3 billion for anti-money laundering breaches, Goldman Sachs was fined $2.9 billion in connection with the 1MDB scandal, and Wells Fargo saw a huge $3 billion penalty for he fraudulent account fiasco.

4 Steps to Conducting a Successful Internal Audit

Internal audit plays a crucial role in guiding an organization with key insights on corporate governance and suggest improvements on improving compliance, reducing risks, boosting efficiency, and enhancing regular operations. It probes into soft spots and critical business areas and reports to senior management within the organization.

Ready to get Started?
Experience our Award-winning GRC platform!
Drive efficiency and value across your business with VComply’s user-friendly platform.
Product Enquiry
For any product enquiries, get in touch with a product specialist today!
Help Desk
Find your answers in our expansive knowledge base.
Start for Free