Regulatory Compliance
The risk of rule violations permeates all industrial and service sectors and challenges companies both nationally and internationally. Uncovered breaches of the rules lead to severe penalties for the companies and their bodies such as the management board and supervisory board. The avoidance of such breaches of rules in the form of compliance management is for this very reason on the top management agenda of commercial enterprises and thus a particular focus.
But how do the breaches of rules occur? Don't the companies in question know which regulations they are subject to? Do they not take the regulatory requirements for necessary control actions seriously? Or are the companies ultimately victims of the criminal intentions of a few employees who deliberately circumvent control structures?
- How do violations occur?
- What is meant by a Compliance Management System
- How we support you in the prevention of rule violations
How do violations occur?
Our experience shows: All three mentioned variants play a role in practice and cause rule violations.
If companies place the task of reviewing legal and regulatory requirements either in too few or too many hands, the risk of blind spots for the respective company is high.
If more attention is paid to pro forma implementation of legal requirements - especially in order to reduce implementation costs - no effective control system will emerge in the end.
If individual employees with criminal intentions have knowledge about the controls and the control is designed in such a way that it can be levered out with this knowledge, then the existing control system degenerates into a toothless tiger.
In order to prevent such rule violations, a modern, systematic and process-oriented control system is needed to comply with and practice the constantly changing rules, the resulting risks and the measures introduced.
What is meant by a Compliance Management System
For us, a holistic compliance management system means defining, translating and ensuring the application (control) of all laws, internal or external regulations, guidelines or recognised codes. This discipline also includes the management of possible risks and all compliance-relevant measures. The control system must have a modern structure, in which the systematic and process-oriented observance of rules, emerging risks and initiated measures is ensured.
Conformity with specifications and regulations is achieved by the targeted orientation of the entire structural and process organisation in all the areas mentioned. This is first and foremost a comprehensive and demanding management task that requires experienced experts in all the dimensions mentioned.
The complexity of this task lies in the detail, because each compliance discipline (such as WpHG compliance, product compliance, corporate compliance, corporate governance, etc.) runs through all areas of the company, all processes, all systems, work instructions, all management areas and control systems and also all projects of a company.
How we support you in the prevention of breaches
With our many years of experience in regulatory management for banks and financial service providers, we enable our clients to successfully implement and comply with regulatory requirements. We support you both in the analysis of the regulations relevant to you and their efficient and lean implementation as well as in the implementation of your compliance management system.
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