Frontierpay, the foreign exchange and international payments provider, has partnered with strategic consultancy and best practices implementation firm, The Hackett Group, to raise awareness of the modern risks associated with foreign exchange and payment compliance, in a time of increased currency market volatility.
The call came during a webcast on 14th June, in which Frontierpay spoke to members of The Hackett Group’s Payroll Advisory Program about the need for more companies to have comprehensive contingency plans in place to manage their international payments, in response to the volatility in today’s FX market.
Nat Davison, partner at Frontierpay, comments, ‘In today’s world of increased global mobility, many payroll, finance and HR managers are finding themselves in unchartered territory, as they are increasingly responsible for making payroll to employees all around the world.
‘Ensuring that these payments are fully compliant with the local financial laws and regulations can be a daunting challenge in itself. However, the turbulence that we are seeing in the FX market, as a result of global events such as the UK general election, Brexit and the recent acts of terrorism across Europe, adds an additional layer of complexity.
‘It’s important for Payroll and Treasury functions alike to be aware of the challenges involved and to ensure that they are sufficiently prepared.’
Working with its extensive client base of companies in the Dow Jones Industrials, DAX 30, and FTSE 100, The Hackett Group has extensive first-hand experience of the challenges associated with international payroll.
Felicia Cheek, global leader of The Hackett Group’s Payroll Advisory Program, comments, ‘Our members pay employees in a multitude of countries around the world, and like most global companies, the turbulence that we are seeing today in the foreign exchange market can present additional risks.
‘It’s vital, therefore, that businesses are managing currency risk effectively, and given the time-sensitive nature of payroll, that processes are in place to ensure that payment channels are reliable and compliant. We are pleased to offer a webcast that helps raise awareness of these challenges and share valuable insights with our Global Payroll Advisory Program members.’