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Of course, you are familiar with the laws relevant to your company. Naturally, you know which commercial regulations you must comply with, how to prepare a correct annual financial statement, and what needs to be considered in HR. You act in good faith and in accordance with the rules—thereby fulfilling many criteria of compliance.
Compliance: A preventive system for rule-abiding behavior that protects companies from risks and can also provide strategic advantages for the future. Yet many medium-sized businesses shy away from compliance, perhaps thinking of the high administrative and financial burden associated with large international corporations when they hear the term. However, the step from the status quo to a professional compliance system is much closer than many think. Medium-sized businesses traditionally have a broad compliance foundation and implement many measures in their daily operations as a matter of course. It is often a matter of identifying the individual building blocks and bundling them into a future-proof system. And medium-sized companies benefit from this in many areas.
Goodbye gray areas: Compliance brings clarity for everyone
Data theft, corrupt behavior, errors in financial statements: Violations of rules and laws, whether committed by employees intentionally or naively, can hurt a company—or shake it to its foundations. That is why it is all the more important that every employee knows exactly what is allowed and what is not, understands their scope of action, and is familiar with the corporate culture. A Compliance Management System (CMS) establishes binding principles and outlines a rule-abiding, principle-based, and law-abiding field of action for all employees and managers. A CMS provides an organizational framework for legal requirements as well as internal codes of conduct, which is then communicated to everyone in the company. The goal of compliance is to promote rule-abiding behavior within the company through clearly defined principles and measures, making it visible to the company's environment and society as well.
A compliance management system tailored to the mid-market
Depending on the industry and scope of operations, very different areas are relevant for a company. In HR, compliance topics such as occupational safety or data protection may be important. In accounting, it is about recognition and measurement regulations or principles for data access. In product development, intellectual property rights or copyrights must be observed. In purchasing, it is about supply chains, and in export, about international regulations. Compliance topics are therefore extremely diverse and run like a common thread through all departments. That is why THE MAK`ED TEAM analyzes processes and risks and checks which relevant measures are already being implemented. In the next step, the goals and the scope of the CMS are defined—according to the size, complexity, and risk profile of the company.
CMS: Better prepared for whatever tomorrow brings
THE MAK`ED TEAM develops an individual compliance management system based on defined goals and requirements. The system can contain up to seven elements that build on and interlock with each other: They lead from a culture of integrity to the establishment of compliance goals and risk management, and finally to a concrete implementation concept. The next step is to implement and anchor the CMS within the organization and its process landscape, while providing communicative support. Ongoing monitoring and controlling ensure the balance between what is necessary.
The added value of a compliance management system for companies lies, of course, in liability avoidance. This value is enhanced when the benefits for the organization, the workforce, and society are clearly highlighted and linked to other areas of the company.
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