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Importance of compliance and compliance management systems

It was not only after the global financial crisis of 2008 that the importance of compliance for companies and other affected parties once again increased significantly. Adequate compliance management systems in 2008 could have saved people's pension funds, homes and pensions in the USA and reduced the overall extent of the recession in Europe as well. In addition, (financial) compliance is important to maintain public confidence in the capital markets.

New regulations and laws passed since then also underline the need for sound compliance management in companies. Compliance covers a broad spectrum from a business perspective, process compliance, internal requirements and much more. Compliance with national and international requirements, especially in the financial area, leads to increased complexity.

As a result, the demands on the compliance function in companies to prevent, detect and resolve compliance violations are increasing more and more. At the same time, the capacities in the compliance functions of companies are often limited in terms of quantity. In addition, compliance tasks are becoming increasingly differentiated and specialized, so that it does not make sense for many companies to maintain the appropriate resources for the diversified compliance tasks in each area.

Your Challenges in Compliance Tasks

Our services in connection with compliance and corresponding compliance management systems are relevant for you in the following situations in particular, whereby we locate issues related to accounting and the associated IT systems under compliance in particular:

  • Lack of internal capacity to take on basic compliance tasks
  • Lack of internal capacity for specialized compliance areas
  • Workload peaks in the compliance area
  • "Incidents" in the area of accounting and management reporting or IT operations that require rapid and extensive clarification on the one hand, and the implementation of measures to prevent future incidents on the other hand

Solutions for the Assumption of Compliance Tasks

In particular, our services include:

  • Analysis of the existing situation (e.g. structural and process organization, resources, procedural models) in the area of compliance or your compliance management system to provide us with an overview of the initial situation
  • Fast, operative and pragmatic hands-on support to quickly improve your compliance management system
  • Creation of structured and comprehensible documentation, policy management
  • Confidential selective compliance activities on behalf of the supervisory or advisory board

If you are interested or have any questions, please contact us.

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 Thomas Heimhuber Director