Compliance systems ought to be effectively tailored to the needs of a business. GRP Rainer Rechtsanwälte is experienced in implementing compliance programmes.
GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Düsseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London conclude: Many businesses are faced with the challenge of implementing an effective compliance management system (CMS). This kind of CMS needs to meet various requirements and be geared to the company’s specific circumstances and needs. The operational processes cannot be disrupted and the flexibility of the business should be maintained. The law firm GRP Rainer Rechtsanwälte has a great deal of experience in implementing compliance systems.
A prerequisite to implementing an effective compliance management system is a risk assessment of the companies, i.e. it needs to be established what risks are posed by the various areas and departments of the company. Naturally, the risks associated with financial accounting are different to those related to production or sales. Existing arrangements therefore need to be put to the test and, if necessary, altered or completely reconfigured. If a compliance management system is not tailored to specific needs, it will fail to meet the actual requirements. Checks in the areas that are relevant from a risk perspective will either not occur or be insufficient.
In this era of globalization, many small and medium-sized enterprises are also operating in international markets. This entails greater risks due to the different national laws and regulations that have to be considered. In this context, an effective compliance management system is indispensable, e.g. in preventing legal violations and averting damage to businesses.
An effective CMS affords protection to the governing bodies as well as the business. By implementing a compliance programme, it is possible to detect legal violations from within the company at an early stage and thus avoid them altogether. In this way, the business can maintain its competitiveness and safeguard jobs. To this end, it is not only necessary to implement an effective compliance system; its effectiveness also needs to be regularly assessed.
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