Turning a regulatory challenge into trust

A Belgium-based company and market leader in steel wire transformation and coating technologies, encountered some regulatory challenges in one of its key jurisdictions of operation. The long-standing company was facing some investigations and fines, which it wanted to quickly resolve along with implementing the right operational changes. A key part of moving forward was also to rebuild trust with stakeholders and regulators, knowing that trust is essential for growth. 

The company appointed a new VP of Compliance & Ethics and set out to define a clear trust and reputation strategy that would support its ambitious business goals. It committed to invest significantly in developing compliance and conduct programs to maintain standards and stakeholder trust across its entire value chain.

The company wanted to act quickly and confidently, so it engaged KPMG for support. KPMG swiftly mobilized multiple teams in the various jurisdictions they operate in for a coordinated approach to the challenge. Firstly, KPMG helped to proactively address regulatory issues in certain countries; secondly, it improved conduct and compliance measures, and thirdly, helped to develop a program to prioritize third-party relationships.

Central to the success of the new program was clear ownership at the board and leadership levels. This support paved the way for KPMG to enhance compliance and regulation across multiple domains including third-party risk management, data, and customer onboarding. The results of the engagement show how a regulatory challenge can turn into positive changes, and that stakeholder trust can be inspired by commitment to improvement.