3. Compliance and risk management
Consolidated reporting can add value to any risk management process in place at a multinational. Reporting and data which identifies which authorized individual did what and at what time can provide an accurate audit trail and apply significant control to help mitigate risk. Compliance is a key issue for global payroll and leadership teams need transparent reporting to prove they are meeting their obligations in this matter. Consolidated reporting is especially useful when large multinationals are paying employees in a range of different countries and continents. Employment law, tax regulations and local country nuances mean there are a lot of moving parts at play and it can be very difficult to keep track of whether or not you are actually compliant in an individual country.
Reporting can be scheduled to run at specific times to prove compliance obligations have been met and things like tax returns have been filed with the appropriate local or international agency. Reporting can also be used to manage and confirm that data privacy regulations such as GDPR are being consistently met. Audit trail reporting can prove if sensitive employee data was viewed, modified, moved or deleted in accordance with specific guidelines and GDPR legislation. Reporting can also verify that only the necessary, minimum collection and storage of personal identifiable data occurs.
| Global Payroll Consolidated Reporting
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