Legal compliance and internal control risks in overseas operations
First written in FY2017. 1 of 3 entries say "Restated". Latest entry: FY2019.
Park24 moved to the "Worse" side of this theme in 2020, 2 years before the typical company in this theme (2022).
The whole theme swung hardest in 2022: 38 of 76 companies on the "Worse" side.
9 other companies' latest entry also says "Reframed".
- FY2019ReframedAnnual report
「In addition, the Company is working to detect risks early in each overseas country and take specific and appropriate action before they materialize. These risks include unforeseen changes to tax systems, laws and regulations; fluctuations in political and economic factors; social and economic disruption caused by infectious disease outbreaks; market and foreign exchange rate movements beyond the scope of forecasts; and social and economic disruption caused by terrorist attacks or the outbreak of war, among others.」
External factors, including tax systems and regulations, infectious diseases, markets and foreign exchange, terrorism and war, have been added to the risks associated with overseas governance. - FY2018RestatedAnnual report
「The Company will move quickly to establish governance structures in each region to ensure autonomous legal compliance, risk management and other appropriate internal controls. However, if misconduct occurs because these efforts are delayed, business performance could be significantly affected by measures such as suspension from participating in designated parking development projects and reduced usage resulting from a loss of customer confidence.」
The Company continues to recognize risks associated with delays in legal compliance, risk management and internal controls in its overseas operations. - FY2017First statedAnnual report
「The Company will move quickly to establish governance structures in each region to ensure autonomous legal compliance, risk management and other appropriate internal controls. However, if misconduct occurs because these efforts are delayed, business performance could be significantly affected by measures such as suspension from participating in designated parking development projects and reduced usage resulting from a loss of customer confidence.」
The Company identifies delays in legal compliance, risk management and internal controls in each region following overseas acquisitions as new risks.