Compliance consists of both prevention and remediation
14/09/2018

Compliance has become a key concern not only in the financial sector but in business circles in general. Compliance can be defined as respect for all rules and regulations relevant to a business, including those pertaining to corporate governance, conflicts of interest, insider dealing, anti-corruption and fraud, money laundering, data protection and privacy, cybersecurity, licenses and permits, competition, HSSE and human rights.

Companies are increasingly adopting compliance programmes to identify, prevent, mitigate and resolve compliance risks and issues as early as possible.

Compliance risks vary from one company to another and depend on the company's activities and sector, the geographic area in which it is active, etc. A compliance programme should therefore be specifically tailored to each company's business profile.

Compliance consists of both prevention and remediation.

  1. Prevention entails measures and procedures adopted to prevent compliance issues from arising.
     
  2. Remediation refers to the steps taken to address and remedy compliance issues once they arise.

Prevention

The main goal of a compliance programme is to identify, prevent and mitigate risks. Therefore, it's important to ensure sufficient compliance awareness at each level and put in place appropriate internal measures and procedures, including:

  • due diligence, audits and monitoring;
     
  • codes of conduct, policies, notices, questionnaires, contractual clauses, etc.; and
     
  • tailor-made training courses.

Remediation

While the aim of a compliance programme is to prevent compliance issues from arising, no programme is failsafe. Therefore, it's important to ensure adequate remedies to resolve compliance issues, mitigate their negative effects, insofar as possible, and provide appropriate assistance in the event of proceedings before the courts or administrative authorities, such :

  • internal investigations;
     
  • the implementation of corrective measures;
     
  • the adaptation of existing policies and procedures;  civil, criminal and administrative proceedings.

 

Zie ook : NautaDutilh ( Mrs. Elke Janssens )

[+ http://www.nautadutilh.com]


Click here to see the ad(s)
Alle artikels Diverse onderwerpen

Laatste artikels Diverse onderwerpen

The future’s bright, the future’s Oranje – and Belgium?
03/06/2021

Belgium’s Pro League clubs caught much of the football world by surprise when they announced in March that...

The future’s bright, the future’s Oranje – and Belgium? Read more

5 common mistakes in contracting with Chinese parties
01/04/2021

In practices, we see some common mistakes appear repeatedly in commercial contracts concluded between western parties and ...

5 common mistakes in contracting with Chinese parties Read more

Hoofddoekenverbod voor personeelsleden van een lokaal bestuur: rechtmatige of ongeoorloofde discr...
28/01/2021

Bespreking van het arrest van het Arbeidshof Gent van 12 oktober 2020 inzake de Achbita-zaak.

Hoofddoekenverbod voor personeelsleden van een lokaal bestuur: rechtmatige of ongeoorloofde discriminatie? Read more

Flemish Region: extension of the scope of the commercial lease loan to businesses of the events s...
29/08/2020

The Flemish government already announced on 29 May 2020 that they would provide a commercial lease loan (‘handelshuu...

Flemish Region: extension of the scope of the commercial lease loan to businesses of the events sector as per 12 june 2020 Read more

Laatste artikels van Mrs. Elke Janssens

Wake-Up Call for Dormant Companies
21/01/2019

As a rule, all Belgian companies are required to file annual financial statements. However, practice shows that this oblig...

Read more

New Protection for Whistleblowers under Financial Law
18/10/2017

Until recently, persons blowing the whistle on breaches of financial legislation were not protected under Belgian law. Con...

Read more

Proposal for a New Regulation Repealing the Prospectus Directive
15/12/2015

On 30 November 2015, the European Commission published a proposal to replace the existing Prospectus Directive (Directive ...

Read more

Private Equity Investors and Business Angels face 'Consumer-like Protection' for SMEs
17/03/2014

Small and medium-sized enterprises (SMEs) have gained 'consumer-like protection' pursuant to the Act of 21 December 2013 o...

Read more

LexGO Network