Driven by the wave of globalization, more and more enterprises are bravely venturing abroad to find new market opportunities and business growth points. However, the path for enterprises to pursue internationalization abroad is not a smooth one. In addition to cultural and market differences, the laws and regulations of each country constitute peaks that need to be crossed. This involves not only the legality of business operations, but also complex challenges in various aspects such as taxation, human resources, intellectual property, and consumer rights. How to achieve success in different legal environments, without violating international compliance, and without neglecting details that may affect the reputation and interests of the entire enterprise, has become the most concerned issue for every overseas entrepreneur who goes global.
Nowadays, when companies go overseas, they face a complex international legal system that includes but is not limited to various fields such as trade policy, labor rights, data protection and privacy, environmental protection and sustainable development. For example, in the face of global data protection requirements, the EU’s GDPR regulations have set very strict standards and restrictions. Based on the figure below, we will briefly take a look at examples of global product compliance regulations for fabrics that have emerged in enterprises.
The traditional strategy is for companies to directly hire a team of lawyers or consulting firms from the target country or region to handle compliance issues. But this is not only costly, but with the continuous changes in laws and regional differences, efficiency is also difficult to guarantee.
Fortunately, with the advancement of technology, many companies are turning to digital technology to address international compliance issues. The SAP products adopted by Xiaomi provide enterprises with comprehensive risk and compliance management tools. It establishes a three-layer protection system: business process management, risk and compliance assessment, and internal audit, ensuring the international compliance and security of enterprise operations.
We have built three lines of defense solutions for enterprise risk and compliance through the SAP S/4HANA Cloud (ERP Cloud), which is currently used by many enterprises. Business process owner, responsible for controlling business operations and controlling risks in business activities; Risk and Compliance Officers/Managers assess entity level risks and manage corporate compliance activities; The internal auditor/chief auditor provides independent assurance.
The SAP S/4HANA Cloud (ERP Cloud) not only provides automated tools such as SAP Process Control and SAP Risk Management to help businesses maintain effective risk control and ongoing compliance, but also provides real-time monitoring, early warning, and notification functions to ensure that businesses always stay in sync with international regulations.
Faced with the challenge of international compliance, enterprises need to remain vigilant and proactive. Regular training and education are necessary, while combining the latest digital technologies will make compliance work more efficient. In addition, collaborating with experienced international compliance consultants is also crucial.
If you want to learn more about professional planning for international compliance for enterprises going overseas, or to obtain expert advice and assistance on more digital solutions for international compliance for enterprises going overseas such as SAP S/4HANA Cloud (ERP Cloud), please click the link here to provide professional support.
This article "International Compliance and Law for Enterprises Going Abroad: Navigation Light for Cross border Operations" by AcloudEAR. We focus on business applications such as cloud ERP.
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