Compliance Management
The importance of compliance for companies and other parties concerned has increased significantly, especially since the financial crisis of 2008. The financial scandals of the recent past, such as Wirecard, also contribute to this. Appropriate compliance management systems are important for maintaining public confidence in the capital markets and averting negative effects, including recession.
The new regulations and laws that have been passed since then, such as the FISG, also underscore the need for solid compliance management in the company. Compliance management 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 for companies and thus for compliance management systems.
As a result, the demands on the compliance function and thus on compliance management systems in companies for the prevention, early detection and clarification of compliance violations are increasing more and more, while at the same time personnel capacities 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 with compliance tasks
Our services in connection with compliance and corresponding compliance management systems are particularly relevant for you in the following situations:
- Lack of internal capacity to take on basic compliance tasks and peak workloads
- Lack of internal capacity for specialized areas in the field of compliance
- "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
- Change of legal form, e.g. to an AG, or of shareholder structure (entry of private equity investors, IPO)
- Strong corporate growth and, as a result, fewer direct control options and greater need for professional and systematic approaches in terms of a compliance management system
- Increasing stakeholder requirements, e.g. also with regard to ESG issues
Solution approaches for the assumption of compliance tasks
In particular, our services include:
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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
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Establishment of a compliance management system tailored to your needs that meets the requirements of IDW PS 980
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Fast, operational and pragmatic hands-on support to quickly improve your compliance management
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Creation of structured and comprehensible documentation as well as development and optimization of a guideline system
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Set-up and operational running of your whistleblower hotline
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Confidential selective compliance activities on behalf of the Supervisory Board or Advisory Boar
Relevance of compliance for management and supervisory bodies
The existence of a functioning compliance management system is an essential basis for ensuring that the company operates within the existing external and internal regulatory requirements. The management and supervisory bodies therefore have to devote a not insignificant part of their management and monitoring duties to compliance with these regulations.
As part of our Board Advisory Services, we support you in the continuous professionalization of supervisory, administrative and advisory board activities and provide comprehensive assistance to mandate holders in all key aspects of board work.
If you are interested and have any questions, please do not hesitate to contact us.
Your contact to us
Do you have any questions about our services or WTS Advisory? We look forward to your message or your call!
