Over the past couple of years, we have seen a shift in business culture with more focus on core operations and the services they can best deliver. Certain areas of expertise can be challenging to fill due to limited resource therefore appointing specialists in their field is an option worth considering. Outsourcing means that you can directly utilise the best talent out there but without the time-cost investment. A business can focus on the most important revenue generating activities instead.
A misperception can exist, that outsourcing is a cost centre and a misuse of resources. In reality, you have limited time as a business to focus on non-core operations and many of these concerns can be alleviated if the right governance structures, KPIs and communication frameworks are in place from the outset. A business that leverages outsourcing will create an agile position enabling them to move forward quickly in fast paced markets. Some obvious benefits being:
- High Value Specialists know their fields intimately – Whatever it is you outsource, the firm you engage will work in that market daily so will use the most relevant metrics, be up to speed with the latest industry and/or regulatory updates and pursue continuing education within their fields.
- Speed Generates Income – Outsourcing is a powerful business tool when it comes to generating speed, efficiency and in turn income. Businesses can quickly get the right people, in the right places at the right time.
- You reduce risk – Outsourced teams come with built in security systems, communications and cloud-based platforms that allow you to keep moving wherever you are. An outsourced role can be an independent voice, providing valuable insight from someone whose future and fortune isn’t tied exclusively to that business. However, it is important to remember that outsourcing is also about supporting existing in-house functions, not replacing them.
- You reduce time and cost – on recruitment, training and package costs. In today’s world it is proving increasingly difficult to recruit staff across all levels and all sectors, especially those with relevant industry experience and exposure you will require for certain roles. Outsourcing can take away that recruitment headache we all face in the current market.
- Access cutting edge technology – Outsourcing can provide access to cutting edge technology thus improving the time, cost, efficiency and risk element.
How we can help your business right now:
Company Secretarial Services
Our expert Company Secretarial team have the resources to cover short term leave or long-term projects, this is especially pertinent now as companies are struggling to recruit full time staff. Your business will be serviced by a team of agile proactive and professional experts, delivering high quality, attention to detail Company Secretarial Services, tailored to meet your specific and statutory needs, based in Guernsey, powered by a digitally enabled and efficient operating model.
- Prepare and circulate your board packs – including the preparation and distribution of notices and agendas;
- Provision of local directorships and other essential economic substance support; and
- Take minutes at required meetings and AGMs.
Independent Audit Function
Audits play a vital role in assessing the financial health and integrity of a business. On the 10th of July 2023 the GFSC released an updated version of the Handbook on Countering Financial Crime and Terrorist Financing which requires firms to establish an independent audit function. The purpose of this is to gauge the adequacy and effectiveness of the policies, procedures and controls a specified business uses to act in accordance with Schedule 3 of the Law, The Relevant Enactments and the Handbook.
Our qualified internal auditors are available to provide independent assurance that your risk management, governance and internal control processes are operating effectively. We can evaluate and make recommendations that help you improve your key internal controls.
It may take courage to challenge the traditional in-house approach to Co-Sec and now the independent audit function but there has actually never been a better time to consider outsourcing. This is because the solutions market has evolved in response to rising demand and limited resource with new services and RegTech becoming available.
Contact Jessica Regnard to discuss your internal audit needs.