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Home » Posts tagged 'strategies to improve management of reputational risk'


TAG ARCHIVES: STRATEGIES TO IMPROVE MANAGEMENT OF REPUTATIONAL RISK


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5 STRATEGIES TO IMPROVE MANAGEMENT OF REPUTATIONAL RISK IN INTERNATIONAL TAX

February 25, 2019

The world’s is an increasingly global village, with interconnected financial
systems and massive data sharing among various governments and jurisdictions. In
recent times, new tax reporting requirements and the increasing need for tax
information exchange between nations have led to the disclosure of key details
on the tax affairs of multinational companies. Boards of Directors, CEOs, CFOs
and other leaders in multinational organizations are aware of the increasing
reputational risk related to international tax. According to an EY report, over
half of all top executives from major corporations who were included in a study
said that oversight of controversy and task risks had increased over the last
two years.

Indeed, over 80% of tax executives who were interviewed said that they regularly
briefed the company’s CEO and CFO on risks related to taxation. Nearly half of
tax professionals in large companies also regularly briefed audit committees.
This is an interesting piece of information especially at a time when firms are
creating more structured approaches to managing their public tax profile. Below
are some of the top strategies that companies are using to promote transparency
readiness and manage reputational task risks.

 1. Monitoring the Changing Landscape – this involves actively studying and
    understanding the likelihood of increasing tax disclosure requirements. For
    instance, there might be an expansion of existing financial services
    reporting based on policy. Companies leverage their communications and PR
    departments to monitor interest in their tax profiles.
 2. Assessing Readiness to Respond to Risk Threats – more international firms
    are developing board-agreed strategies and plans of action regarding
    readiness This involves regular evaluations to determine that the tax
    function has a clear input into the business strategy and that it’s
    consistently in the scope of all major transactions.
 3. Enhancing Communication – establishing an effective communication strategy
    and approaches for reaching both internal and external stakeholders. At the
    internal level, the firm’s tax function should validate the approach to
    oversight functions such as risk officers, audit committees, public affairs,
    general counsels, and board of directors. The company’s leadership should be
    informed whenever there are any concerns related to taxation so that they
    can weigh them in among other risk factors.
 4. Creating Comprehensive Tax Reports – there’s a smooth flow when tax and
    accounting merge to help assess business motivations behind existing tax
    structures in each area where the firm operates. These reports should create
    a total tax picture that scopes how the firm contributes to the economy and
    much money it pays in taxes. These reports are a great way to trigger
    discussions on global risk management, audit functions, tax resolution
    processes, tax performance processes, etc.
 5. Embedding Reputational Tax Risks in Core Business Strategy – this is all
    about starting a dialog in order to allow the tax function to properly the
    reputational task risks related to ongoing business activities such
    acquisitions and mergers.

Proper tax management has always been an important part of doing business for
large companies. Firms are looking to avoid tax scandals and lawsuits that have
the likelihood to negatively impact their brand. The measures highlighted above
are just a few of the many steps that international firms are taking to make
sure that their tax affairs are in order!



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