Definition
Compliance involves activities assuring conformance with legal regulations, in-house rules and market’s best practices. Compliance risk management is carried out by internal control and audit functions.
The compliance risk management is a process of identifying, assessing, auditing and monitoring compliance risks in the client’s operations vis-a-vis laws, by-laws and market standards. The process also includes relevant risk reporting.
Implementation
A compliance system is structured around an analysis of the client’s business activity, operational objectives and internal documentation. The analysis allows developing a comprehensive compliance matrix and implementing an optimal compliance system that will be tailored to a given industry and the scale of the client’s operations (cost optimisation).
We own the compliance system implementation methodology which involves the following stages:
Stage 1 – Current status analysis
Stage 2 – Risk mapping
Stage 3 – In-house compliance rules
Stage 4 – Compliance system effectiveness audit
Advisory
We provide the most professional assistance to companies facing the legal environment as dynamic as it is.
We support support corporate bodies (management, supervisory, executive) in their activity aimed at regulatory compliance, including public submissions and reporting.
We assist the process of implementing corporate governance principles and best practices of listed companies.
We help make contact with authorities successful by ensuring:
We advise in crisis to ensure the client makes decisions in compliance with laws and internal regulations.
We offer support in softlaw projects: implementation of official rules, recommendations and guidelines of supervisory authorities, including Financial Supervision Authority (KNF), Office of Competition and Consumer Protection (UOKiK), Office of Personal Data Protection (UODO), European Securities and Markets Authority (ESMA).
The recently amended Act of 1 March 2018 on counteracting of money laundering and financing of terrorism (“AML Act”) requires “obliged institutions” to carry out the so-called risk assessment (Article 27.1 of AML Act). AML and CFT risks need to be identified and assessed in relation to an organisation’s activity, including risk factors related to […]
On 21 June 2017, a new act on was implemented concerning statutory auditors, auditing firms and public supervision. Works on the new law have been ongoing for almost two years. The new rules implement the EU auditing regulations into the domestic legal environment. The act brings far changes, mainly for firms qualified as public interest […]
On 10 October 2018, during the FinTech conference in Luxembourg, Mr Patrick Armstrong presented the ESMA approach to FinTech, especially DLT that underlies the blockchain protocol and cryptocurrencies. No changes are expected in that regard as ESMA is going to continue observing this technology. Mr Armstrong stressed how important it is for a regulator to […]
