Global mobility
Today’s economy is becoming increasingly international, leading to a rise in demand for cross-border solutions that will allow businesses to stay ahead.
In the financial services industry, where attracting and retaining top talent is increasingly crucial, offering employees the ability to work remotely can be a key part of the employer value proposition.
With businesses in the sector operating across numerous jurisdictions compliance with Remote Working can become complex and failure to address compliance obligations correctly could lead to penalties, reputational loss, staff retention issues, management by exception and employee dissatisfaction.
Remote worker policies place thresholds on the number of days the employee can work remotely overseas per year, the countries that are “in scope” and restrictions on the activities that can be undertaken overseas.
Managing Remote Working compliance risk in practice |
Our client was struggling to manage and track its remote workers and asked us to help them reduce their tax, social security, and other regulatory compliance risks related to these employees. Our approach was first to provide a high-level overview of the tax, social security contribution and immigration trigger points for countries in Europe, the Americas and South-East Asia. From the assessment we were able to advise our client on how to manage the delicate balance between compliance and employee retention. This then allowed us to draft a remote worker policy and process based on day count and substance thresholds to manage their remote workers across the organisation. We also provided guidance on how to implement the policy, introduce appropriate processes as well as providing a workshop and process map. Following this project the client has more control over its remote workers with a robust policy and has mitigated the risk of penalties for non-compliance. |
Financial services employers are keen to offer remote working as a benefit to employees and to attract and retain talent from across the globe.
However, employers need to balance this with a commercial solution to manage the regulatory compliance risks associated with remote working.
Failure to do this could lead to penalties and reputational damage.
Forvis Mazars provides a range of services to help employers in the financial services sector manage their regulatory compliance risks arising from employing remote workers:
If you want to discuss more, please contact us and a member of the team will be in touch.
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