Compliance is the overall effort made by a company to ensure that its business activities comply with the law and internal regulations. It is a set of regulations, organisational arrangements and tools designed to ensure that a company’s activities comply with the law, internal regulations and good practices and codes of ethics.
The core tasks of compliance are:
The implementation of a company’s compliance system can be divided into two areas: internal and external. The internal area focuses on training employees and making them aware that their actions affect the entire organisation and that negligence and breaches of regulations may have legal consequences.
The external area refers to customers, subcontractors and contractors. The company’s most important responsibility here is:
Our law firm helps entrepreneurs prepare and implement compliance regulations.
It is mandatory for financial market institutions, primarily banks, to create the position of Compliance Officer. The task of the specialist employed in this position is, among other things, to prepare and control procedures to prevent money laundering (so-called AML).
Other companies do not need to appoint employees to monitor compliance with the compliance programme, but are increasingly choosing to do so in order to reduce the risk of illegality and to ensure that the company operates in accordance with the law and internal regulations. Having a compliance programme is seen by the market as an asset and has an image value.