The increase in the number of requirements plus the inexorable rise in their complexity within a national and international context as well as the associated imposition of stricter sanctions for violations presents new challenges for companies. Therefore it is getting more and more important, to implement and utilize a compliance managementsystem, which matches these requirements and handles the challenges.
In addition to the introduction of a product compliance management in your company, we also offer compliance controlling support for customer projects to ensure adherence to external – such as public law and contractual rules – and internal regulations. Furthermore we offer you to implement our specifically customized Online Product-Compliance-Management System into your infrastructure, with which you are able to regulate, control and file every process in your company.
This project has allowed us to specialize in developing measures to increase the efficiency of the compliance management system within a company. Compliance Management is an important element of the company-wide risk management system to protect companies from loss of income and property damage. The effectivenes can be increased by bringing it together with other elements such as the risk management system and insurance and quality management and business continuity as an integrative element.
Challenges of globalization
Increasing globalization demands new business relations and thus new provisions. This development will continue to gain momentum in the future. The probability of violations will rise due to the increasing number of rules and regulations. This also leads to an increase in “non-compliance” costs – be it in the form of fines, greater external influence on the corporate policy and strategy, marketing bans or damage to the company's reputation.
Each company defines certain requirements which its compliance management system must meet. The management’s demand for 100% compliance with all external and internal rules is often difficult to achieve, as the complexity and dynamics of the rules and the associated uncertainty usually prevent it. It is therefore important to create a functional compliance management system as the basic prerequisite to meet all the rules, thus guaranteeing a professional approach to potential compliance risks.