The economy is a dynamic system and therefore also characterised by uncertainties. Directives, laws, regulations and standards are supposed to provide stability. But regulatory pressure on business entities of all kinds is increasing. Due in part to the digital transformation: It leads to the ever closer networking of business entities with their partners, suppliers and customers. Therefore, regulatory issues also need to be reconsidered and redefined.
Violations can occur both on a large and small scale, whether it is fraud, embezzlement, corruption or irregularities in payment reports and annual accounts.
The consequences of such violations are obvious: The reputation of the business entity suffers. Customers terminate their business relationships. Compensation payments become due. The business entity’s rating on financial markets suffers, resulting in considerable financing challenges. And fundamentally, there is the question of liability.
To avoid this, risks must be identified early on and security ensured. Compliance management systems, internal control systems and auditing standards help with this.
Companies are operating in an increasingly complex environment that poses numerous significant risks. However, there is an answer to many of them.
Companies today are faced with complex issues. There is an answer to many of them.