Regardless of the shape of the economic recovery, regulatory oversight will eventually begin to ramp back up. As that happens, organizations will need to stay on top of new and updated regulatory and legislative updates as they continue to evolve.
Monitor Regulation
RECOVER
Tax Regulation
Financial Reporting & Accounting
Environmental, Social and Governance (ESG)
Cybersecurity & Data Privacy
During a crisis, every dollar counts. There are more than 80,000 state and local tax jurisdictions within the United States alone, with thousands more on a federal and international level. With so many moving parts, businesses need to stay on top of the latest tax regulations to qualify for tax relief, ensure compliance and manage total tax liability efficiently.
Tax Regulation
AREAS TO WATCH:
Digital Taxation
Tax Reform in a Biden Administration
State-Level Tax Policy Changes
Questions to Ask
How can I make sure my organization stays resilient and compliant as we progress through the economic recovery?
How can my organization identify tax planning opportunities that might improve cash flow and reduce total tax liability?
Am I able to apply for tax relief offered through assistance programs?
How can I manage tax liability while expanding my business nationwide or internationally?
Is my organization subject to tax liabilities due to coronavirus-related economic stimulus packages?
How do I ensure I’m staying compliant with regulatory and legislative requirements while maximizing tax relief?
Do we understand our total tax liability now and how that might change moving forward? Are we able to monitor in real time?
Financial Reporting & Accounting
How will my financial reporting requirements change over time as my business recovers from this crisis?
Do I need to update our disclosures in light of new risks?
What new accounting standards are being implemented and what timeline is there for compliance?
How should I properly record and report government
assistance allocation?
How will audit quality be ensured in a remote or limited physical
work environment?
Questions to Ask
In a normal business environment, financial reporting can be an onerous undertaking. In the wake of a global pandemic, transparency and accuracy have never been more important.
Whether improving reporting related to government assistance programs or updating and enhancing your disclosures, financial reporting and accounting guidelines will need to be monitored closely.
Monitoring of shifting adoption and enforcement timelines
Adoption of new and evolving accounting guidelines
Conducting audits in a remote world
AREAS TO WATCH:
As the recovery continues, what additional issues, outside of traditional financial reporting, may have material impacts on the organization?
Is my organization able to reduce its carbon footprint, either proactively or in case of stricter environmental and sustainability legislation?
How would new regulation around environmental protection, sustainability or social responsibility affect my organization’s bottom line?
How can my organization think about and create a plan to go above and beyond regulatory requirements?
What new policies and practices do I need to reinforce a positive corporate culture?
Questions to Ask
Staying on top of ESG rules and risk factors is important today and will only increase in importance as legislative and regulatory bodies establish a more comprehensive framework for ESG reporting. In addition, public sentiment and societal support of ESG issues—from climate change and sustainability to corporate ethics and diversity —continue to grow.
Impact of new environmental regulation and policies in light of Biden Administration’s focus on ESG
The rise of ESG issues – from climate change to workforce diversity and
equality – as a value-driver for consumers, regulators and other stakeholders
Integration of ESG matters in decision-making, communications and reporting of value-driven KPIs.
Cultural pressure for more ESG transparency
AREAS TO WATCH:
Environmental, Social and Governance (ESG)
Have my employees received adequate cybersecurity education and training, especially for socially engineered spear-phishing cyberattacks and business email compromise attacks?
Has my company evaluated communications and collaboration technologies to ensure that they comply with data protection laws and regulations?
Does my organization have an appropriate incident response plan and procedures in the event that a breach occurs?
What cybersecurity intrusion monitoring and detection systems does my organization currently have in place to protect our data and that of our customers and partners, particularly as my employees work remotely?
Does my organization need to comply with CCPA and, if so, how will I ensure that we are in compliance?
Do we have a well-documented privacy and data protection compliance program that will meet the scrutiny of regulators and the courts?
How do my cybersecurity protocols differ depending on state data privacy regulations? How do I ensure I am compliant with all jurisdictions in which my business operates?
Questions to Ask
Cybersecurity and data privacy have been top-of-mind for many organizations—and regulators will increase their focus as companies continue to adopt digital strategies for the future. Companies of every industry and geography will need to make sure they are managing their cybersecurity protocols so they can stay secure and compliant while pushing ahead.
Privacy by design and default to evaluate remote work processes and systems
AREAS TO WATCH:
Cybersecurity while working remotely/from home
Cybersecurity for video conference calls and virtual meetings
Cyber incident response and cyber business continuity planning
California Consumer Privacy Act (CCPA) compliance and California Privacy Rights Act (CPRA) ballot vote outcome
Cybersecurity & Data Privacy