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  1. Grant Thornton - Channel Islands
  2. Covid Material
  3. Covid-19

Regulatory Changes

Stay compliant now and in the future

When you're concerned about keeping your business afloat and the government is doing its best to help, there is a danger regulatory issues could slip from the front of your mind.

However, as the situation unfolds, tighter restrictions may be introduced to help manage the crisis. You need to be agile and aware of developments as they happen.

While the focus is naturally on the crisis at hand, the pandemic will end eventually and business as usual will return. When it does, you need to be certain you haven't stretched regulatory guidelines more than you are able to deal with, and that your business hasn't become reliant on relaxed rules.

Potential issues

Keeping up to date with the regulatory environment is a challenge at the best of times. But with daily government announcements, changing guidance and new legislation bombarding us daily, it is even harder to know exactly what is needed.

Adapting to remote working and changing day-to-day operations can be difficult. Ensuring everyone is aware of their roles and following the latest guidance, as well as informed about their rights and responsibilities is not an easy task.

Reporting and stress-testing when things are moving quickly is challenging. It can be difficult to report accurately or update modelling when the situation is changing by the hour.

Actions to consider

Assess IconAssess

Find out what your financial third-party providers are doing and what instructions are coming from regulatory bodies. How is pressure being alleviated by them and can you benefit from that help?

Lock IconProtect

Engage with the regulators, because the more you do, the more informed your planning will be. Correct and timely information is essential for you to adapt to the circumstances as needed. Make use of any simplifications or reductions in reporting requirements that might be available.

Wrench iconRestore

Don’t forget your responsibilities. The regulator may have granted leniency during the crisis, but rules will come back into force once things go back to normal. Don't become too reliant on the measures put in place to help you through the crisis or push the limits more than you will be able to cope with once it runs out.

Consider these questions

  • Are you in a position to respond quickly and effectively to regulators’ questions and requests for ad hoc information?
  • With the outbreak having an impact on your profits and cashflow, do you need extra time to pay any outstanding tax debt or file?
  • Will you be able to acquire evidence and make contact remotely to carry out your audit?
  • Will you be able to reschedule audit dates and filing deadlines, given the uncertainty of when the pandemic will end?
  • Is your audit team still able to obtain sufficient audit evidence with restrictions to your premises and staff?

Other areas of focus

People

Keeping them safe, motivated and enabled to do their jobs

People

Liquidity and Contingency

Ensuring your stability for the future

Liquidity and Contingency

Technology

Managing your stability and digital risk

Technology

Customers and Suppliers

Keeping them informed, secure and prepared for change

Customers and Suppliers

Operations

Meeting customer demands effectively and efficiently

Operations
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© 2021 Grant Thornton Channel Islands - All rights reserved. "Grant Thornton” refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions.

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