Every company has a duty to comply with existing regulations.
The Anglo-Saxon term compliance encompasses adherence to laws, ordinances and regulation as well as your company’s own regulations. However, compliance is now also shaped quite significantly by the expectations of your company’s ecosystem, so social responsibility and elements of sustainability should be included in the set of regulations.
The objective of compliance is to ensure that your company behaves in accordance with the rules. This avoids liability risks for the executive bodies, for the management and, if applicable, for the supervisory board. Legislation has developed a comprehensive set of rules which, on the one hand, set out the due diligence and loyalty obligations of the ordinary business manager and, on the other hand, assign clear tasks in the management of the company.
The requirements for acting in accordance with the rules predominantly affect the management – in some cases with enormous liability risks.
At the same time, compliance also aims to protect your company from employee misconduct. From violations of data protection regulations to fraud and corruption – the potential threat is diverse and, in many companies, much more real than one would like to imagine.
The scope of relevant regulations that your company must comply with is always industry specific. However, compliance does not focus exclusively on adherence to legal regulations but must be embedded in the overall picture of your company and thus includes the values for which your company stands. Compliance requires a proactive approach from your company’s management.
A compliance management system encompasses all of your company’s policies and measures to ensure compliant behavior and mitigate potential liability.
The scope of such a system depends on the industry and the size of your company and is determined by the regulations of the countries in which you operate.
Compliance as a whole breaks down into a large number of detailed areas that need to be considered with varying degrees of intensity. These include, for example, compliance in the area of human resources, in the area of your accounting system, in the awarding and acceptance of contracts, or in the area of impending insolvency and threatened insolvency.
Compliance has many legal components but is by no means an exclusively legal issue. Compliance is achieved through organizational measures at various levels of your company based on the relevant external and internal regulations.
We work with you to develop your compliance management system. With the necessary sense of proportion, we define the elements of planning, management and control of compliance activities with you. The functions of prevention, information of employees, reactions and damage limitation as well as reputation building in your ecosystem are embedded in a management system suitable for your company. It is the foundation for all your business processes.
Compliance is not an end in itself but protects your company and your management from liability and reputational damage. Compliance costs money – but experience shows – no compliance costs a multiple more!
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