Role of a C-Manager
The term compliance has many definitions as it could describe the sum of all organizational measures including both mandatory legal provisions and those that the company establishes voluntarily.
In German law, there is no explicit legal obligation to comply. Only companies in the financial sector are obliged to set up a compliance organization pursuant to § 32 of the Securities Trading Act. The compliance responsibility lies with the overall management, i.e. the executive board of an AG or the managing directors of a GmbH.
The compliance manager is responsible for the introduction, further development, monitoring and documentation of the compliance management system. He supports and advises the management in all compliance-relevant questions and regularly reports on relevant internal incidents, violations of compliance rules and legal changes. His tasks also include training and informing employees. However, he does not have the authority to issue directives or give orders. The decision-making authority still lies with the company management.
Compliance Managers are getting more and more attention and their hiring is also increasing.
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