„Compliance in itself is not new, as it is probably a matter of course that organisations comply with laws and voluntary commitments. What is new is the structured approach to this task.”(Dr. Barbara Neiger)
Compliance can be implemented with recommendations for action as part of a Compliance Management System (CMS) in the area of legal compliance.
The compliance management system refers to the totality of measures and processes set up in the company to ensure compliance with regulations. The task is to ensure that risks for significant breaches of rules are recognised in good time and that such breaches are prevented.
Since even an appropriate CMS will never be able to completely prevent violations, it must also promptly identify and communicate violations that do occur, so that such sources of error can be identified and avoided in the future.
The guiding principle of “tone at the top” applies, which means that the respective managers set a good example and set an example of compliance. In addition to formal-structural compliance, such as recommendations for action, there are also informal-cultural control elements, e.g. the corresponding value orientation.
The following four elements are initially envisaged within the framework of the CMS:
- Compliance manual
- Compliance Guide
- Compliance Recommendations for action
- Appointment of a Compliance Office