Companies are subject to many laws and legal obligations.

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tanjimajuha20
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Joined: Thu Jan 02, 2025 7:17 am

Companies are subject to many laws and legal obligations.

Post by tanjimajuha20 »

With the Sapin II law, corporate compliance is one of them. Previously only affecting sectors of activity linked to the economy, Compliance invites companies to put in place preventive procedures. In this way, they avoid exposing themselves to risks linked to non-compliance with regulations. Indeed, a breach of legislation can result in heavy fines and other financial and reputational risks.

What is compliance?
“Ignorance of employment database compliance is no excuse .” This adage has been deeply rooted in companies over the last ten years. While when it was first established, the compliance department was primarily focused on ensuring compliance with a company’s financial principles, today its scope of action is much broader.

Indeed, the bank and the entities related to it must follow requirements and protocols from external standards. As specified by the work of Basel II in 2004, the supervisory authorities ensure compliance with these standards and strongly sanction any failure to do so.

With the development of corporate social responsibility and quality standards , VSEs, SMEs and large groups have taken up the basics of Compliance to implement them in their structures.

Indeed, compliance with Compliance makes it possible to improve the company's results as well as to perpetuate its activity while increasing its value.

What is the role of compliance?
The role of Compliance is to ensure good business practice with regard to the control of professional risks , financial regulations and compliance with rules of ethics.

Risk prevention
Compliance allows you to study and anticipate professional and management risks in the company. These may be risks related to non-compliance with legislation. In addition to being liable to receive a fine, non-compliance with laws and standards related to the company's field of activity can be detrimental to reputation.

Compliance allows you to manage risk mapping, the alert system, the code of conduct, the employee training system, as well as the evaluation procedures to protect your company.

Risk prevention makes it possible to anticipate and improve the company's results and optimize operations.

Risk prevention is also done towards the company's employees. Compliance validates the safety, hygiene and working conditions of employees.
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