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In general, companies are required to guarantee, through internal procedures and/or “replacement provisions”, the continuity of the compliance function even in the absence of the head of the compliance unit. To ensure that your company complies with the applicable rules, you should opt for the services of Compliance Outsourcing Companies.
As responsibility and competencies, as well as the authority of the compliance function, should be defined in a “compliance policy” or other internal provisions which consider the scope and nature of the investment activity carried out by the firm, it becomes necessary for business owners to consult Compliance Outsourcing Companies.
The compliance function carries out regular monitoring activities on all areas and/or operating sectors most exposed to compliance risk, to prevent its materialization or, otherwise, to react promptly to unforeseen events.
Firms must ensure that the compliance function occupies a position within the corporate organizational structure that ensures that the Manager and the personnel assigned therein act independently in the performance of their duties.
In this regard, the other operating units should refrain from issuing instructions or in any way influencing the personnel responsible for monitoring compliance and their activities.
Companies should decide which measures, in terms of organization and resources, are the most suitable to guarantee the effectiveness of the function itself.
This assessment should be conducted considering several criteria, including the types of services provided, the volume of business, the type of clientele, and the number of employees.
Combination of the compliance function with other internal control functions
Given that an organization based on the separation of the various control functions appears preferable in principle, the combination of the compliance function with that of internal control can be allowed if the effectiveness and independence of the former are not compromised.
Any aggregation of these functions should be documented and justified to allow competent authorities to assess their adequacy.
A combination of the compliance function with other control units of the same level (for example, that of the prevention of money laundering) may be acceptable if it does not generate conflicts of interest or does not compromise the effectiveness of the former. Besides, compliance personnel should generally not participate in the activities they are required to monitor.
Compliance Outsourcing Companies take care of all compliance obligations for you and ensure the continuous development of your compliance management.
The function of the compliance officer is of great importance for companies when it comes to the development and implementation of compliance measures. Because to establish a sustainable compliance culture, it is crucial to regularly check the effectiveness of the established measures and to continuously improve compliance management.
Companies to which the minimum requirements for risk management applications are even obliged to appoint a compliance officer. But this is often difficult, especially for smaller companies. Human resources are scarce, and there is great uncertainty about tasks and the necessary qualifications.
Compliance Outsourcing Companies support you in handling your compliance tasks. Their offer ranges from comprehensive risk analysis to the implementation of an effective compliance organization and monitoring of compliance with all compliance requirements.
The experts not only have extensive and always up-to-date knowledge of all legal backgrounds, but also act independently thanks to their external perspective. The expertise of compliance specialists offers the best guarantee for compliance with all rules and regulations, especially when it comes to legal innovations.