As a result of globalization, the significance of legal and reputational risks is increasing significantly, particularly for companies operating internationally.
In order to take this risk into account, more and more companies are creating binding compliance regulations and setting up a sustainable compliance management system . Compliance means adherence to rules, in the sense of legal provisions and internal company guidelines.
Compliance management systems are therefore the principles and measures introduced by a company on the basis of the objectives defined by the legal representatives, which are aimed at ensuring that the legal representatives and employees of the company and, if applicable, third parties act in accordance with the rules, i.e. that certain rules are observed and thus significant violations are prevented.
A compliance management system should include the following components:
- Compliance culture
- Compliance goals
- Compliance risks
- Compliance Program
- Compliance Organization
- Compliance communication
- Compliance monitoring and improvement
The application can relate to different areas of law (e.g. competition law, antitrust law and data security law) or to individual business areas. The voluntary commitment resulting from compliance includes, in particular, a commitment to responsible corporate governance and concretizes this, for example, in the observance of human rights, labour standards, environmental protection requirements and the fight against corruption.
As lawyers for corporate law, we are happy to support you in implementing a compliance management system.
