Let's consider compliance risk management using examples from foreign and Russian companies.
BMW GROUP
The basic principles that the organization adheres to in its activities are the same for all divisions in all countries: transparency, compliance with the law, honesty, mutual respect.
BMW GROUP
The company strives to nurse database avoid risks that could lead to loss of trust of customers and partners. For these purposes, a compliance management system has been created in the form of the Compliance Organization, which trains partners in the field of risk minimization. In the event of such threats, the company's customers can anonymously report to BMW Group Compliance Contact.
TELE2
This corporation is a staunch opponent of corruption and fraud. To this end, the company constantly develops and improves anti-corruption standards. An "Ethical Trust Line" has been created within the organization, to which employees of the company can report any facts of corruption or fraudulent actions and violations. In situations determined by current legislation, the company undertakes to transfer information to regulatory and law enforcement agencies.
TELE2
The company builds partnership relations only with those organizations that, like it, adhere to the principles of honesty, openness and transparency of their business activities. The agreement with them contains the so-called anti-corruption clause, according to which any violations in this area are a legal basis for unilateral termination of the transaction.
On the official website of the organization, potential and current clients can freely study the documentation related to compliance control (the company's anti-corruption policy, the "Anti-corruption clause to the partnership agreement", the "Code of Ethics and Business Conduct").
Final tips for dealing with compliance risks
Do your research
First, study all legal and industry regulations that govern the scope of your organization's activities. Do not forget that the requirements of the legislative framework and regulatory authorities may vary depending on the business sector and the country in which your enterprise operates.
Assess the existing compliance risks
When organizing a compliance control system from scratch, conduct a full analysis and assessment of the organization’s compliance risks and all its business processes, identify the weakest points that should be given increased attention.
Eliminate weak areas
After identifying the areas most susceptible to compliance risks, it is necessary to eliminate existing threats or minimize them. Sometimes, for these purposes, it is necessary to completely restructure a business process at the enterprise.
Train your staff to deal with compliance risks
Personnel is an important link in the entire compliance control structure. Train your employees in their work, first of all, to comply with legislative and regulatory requirements.
Tips for dealing with compliance risks
Remember that laws and requirements are constantly changing. Therefore, it is important to provide employees with the opportunity to study at specialized trainings on compliance risks. This will help to comply with regulatory requirements and organize their work within the framework of current legislation and business ethics principles.
When training your staff, be sure to prepare all the necessary documentation and ensure free access to it for all employees. This way, if a potential threat of any compliance risk arises, each employee will be able to refer to these materials and develop the right tactics to minimize the consequences or completely eliminate the possibility of the threat being realized.
Make compliance risk management a permanent task
Compliance control must be carried out at the enterprise continuously and constantly. An effectively functioning compliance structure in a company is aimed at bringing business activities into compliance with regulatory and legislative norms and the principles of the organization itself.
Organizing a compliance risk management system is useful for any company in all areas of business. Carrying out business activities within the framework of current legislation and regulatory requirements enhances the safety and security of the company, maintains its positive reputation among clients, partners and investors, and increases the chances of successful and effective development.