The primarily understanding of the term “compliance” is whether company's actions are in accordance with applicable law and company's internal norms and guidelines, including following company's ethical codex and ensuring harmonization of all relevant laws and rules.
Compliance should be a natural part of company’s internal strategy and corporate culture of any today’s business. A well-designed compliance program then acts as a prevention against unwanted legal issues with the goal of reducing following risks:
- Criminal liability of the company
- Imposition of sanctions from the authorities
- Damage to the reputation of the company
- Establishment of property damage and leakage of funds
- Disadvantegous legal position of the company
In the long term, properly functioning compliance program within the company can be seen as competitive advantage which can increase the value of the company. In this area of expertise, our clients are mainly financial institutions.