ii. Compliance

This page is part of the  compliance (you are here) services which belongs to the compliance and risk management toolkit section of our services that includes compliance matters for CH, EU and US as well as risk assessment, internal controls, risk management and the risk checklist.

To know risk is to know profit, whereby if one were not to take a risk, profits might not be forthcoming.

Compliance is about running a business and delivering products in ways that are fair and ethical. The products and services should benefit both the provider and the user. Compliance is an attempt to make certain that this is the case.

Understanding and managing risk is an inherent part of the business process. Taking planned risks will be rewarded with profit and growth. Effective controls will help offset the danger that risks pose.

The risk is that if there is no adequate compliance program, there can be employee fraud within the organization and criminal activity by some of its customers. This is a tough reputation to live down.

the value proposition

Compliance guarantees service. It provides important information. It creates fairness.

An organization that incorporates compliance as a part of its business philosophy is an organization that respects and values its customers.

Compliance means the organization meets  the letter and the spirit of the law.

Failure to comply may result in regulatory fines, damage to the brand AND loss of customer trust.

The best way to assure compliance and minimize the risk of failure is  to implement and monitor appropriate controls to assure legal compliance

CyTRAP Labs provides clients with tools that facilitate the:

– mechanization of compliance activities, and
– better controls and structuring including documentation for the compliance function

Enforcing compliance means ensuring that the business adheres to the regulations stated.

Compliance as used in general means not to behave in a way that disturbs the public order or get a thumbs down from the general public (e.g., bad press, damage to the brand).

These days, compliance is a high priority for organizations as there are some severe penalties for failing to adhere to the correct procedure, legislation or standard.

Example

In the financial industry, lack of governance with the Zuercher Kantonalbank or ZKB resulted in its CEO leaving but the board was not held accountable for a structure that permitted top management to circumvent rules and procedures:

–  4 data security breach regulation – Verus Inc – IT service provider had to close