The term compliance implies ensuring that the business entity's operating activities comply with the national and international legal requirements, industry regulations, internal rules and standards, and principles of ethics.
Ensuring compliance is not an easy task, as in general every area of a business’ activity is exposed to non-compliance. As is commonly known, a majority of risks are manageable and hence an ever growing need to implement in business entities such solutions that will prevent occurrence of such phenomena as:
- non-compliance with FATCA regulations;
- missing documentation required under controlled foreign corporation (CFC) regulations;
- conflicts of interests;
- contraventions of the Personal Data Protection Act;
- participation in money laundering;
- application of competition restriction practices;
- violation of employment rights or human rights;
- failure to observe environmental protection standards;
- violation of corporate governances principles.
The need to implement those solutions also frequently arises from the requirements of business partners or investors, who tend to direct more attention to non-financial details such as environmental aspects, social responsibility, or finally corporate governance factors.
Of much importance in this area are applicable regulations that impose on Poland’s biggest companies and financial institutions the obligations to report the above details in financial statements.
Meeting those expectations half-way, we have established a multidisciplinary team that advises on all the compliance areas, including:
- Review of risks;
- analysis of the Client’s compliance solutions;
- review of the approach of the organisation and its employees/business partners to ethical issues;
- identification of risks connected with lack of appropriate procedures or with failure to observe the same;
- proposals and implementation of remedial solutions;
- Construction of a compliance plan;
- establishment and updates of internal procedures;
- construction of mechanisms that enable detection of potential irregularities and are used to counteract abuses;
- analysis of the organisational structure and presentation of recommendations about people responsible for managing compliance in particular areas;
- training those persons in compliance;
- determination of mechanisms to report actions undesirable from the organisation’s perspective or inconsistent with the adopted procedures;
- Ongoing compliance management advisory;
- Support in administrative and criminal proceedings, including those connected with liability of Management Board Members;
- contravention of regulations on personal data protection or on combating unfair competition;
- money laundering;