Sustainable compliance management has taken a firm place in companies in order to remain successful and trustworthy in the long term. For this reason, the organizers of the 12th Federal Compliance Congress have chosen this year's motto "Cultivate - Strengthen compliance sustainably". The lively discussion should go far beyond mere compliance with laws and regulations and encompass a holistic strategy that promotes ethical business practices and minimizes risks. Hubert Krattinger, Chief Customer Officer at MCO Pythagoras, will once again provide valuable insights on the topic of "Risk management - a 360° view of operational risks" during the speaker session on November 22, 2020.
The 12th Federal Compliance Congress will take place on November 21 and 22, 2024 in Berlin and is aimed at compliance officers. Secure your ticket with the organiser now. Their ticket contingent is limited.
Visit our event landing page and make an appointment with our representatives Hubert Krattinger, Moritz Moser-Böhm or Fabian Finke. On our landing page you will also find the most important key dates of the event.
Sustainable compliance management means that a company works continuously to improve its compliance processes and adapt them to new regulatory requirements - ideally on a daily, efficient and automated basis. A well thought-out compliance management system comprises a tool and not only strengthens a company's legal certainty, but also promotes stakeholder trust. Employees, customers and partners appreciate it when a company acts transparently and responsibly. In the long term, this leads to a better reputation and can even represent a competitive advantage.
Hubert Krattinger will talk about operational risks from a 360° perspective in the speaker session on November 22, 2024 at 16:00. They are omnipresent and can occur in many areas of a company, be it in the supply chain, in IT or in day-to-day business operations. A comprehensive 360° view of these risks is therefore essential. This means that companies must identify, assess and continuously monitor all potential risks.
But how? With modern compliance tools and software solutions that offer valuable support. They enable a holistic view of risks and help to identify and eliminate vulnerabilities at an early stage. An integrative approach that includes all departments and business areas is particularly important. This allows silos to be broken down and a coordinated risk management strategy to be developed.
The MCO Pythagoras modules, which cover the regulatory compliance topics of Know Your Customer (KYC), Know Your Supplier (KYS) and Anti-Money Laundering (AML), are central building blocks of effective compliance management. They help companies to better understand their business partners and customers and minimize risks associated with money laundering and other illegal activities.
Modern KYC solutions use the latest developments, such as artificial intelligence and machine learning, to verify customer information more efficiently and accurately. KYS modules offer similar benefits and enable thorough verification of suppliers and partners. AML modules, on the other hand, are designed to detect and report suspicious transactions in real time, increasing the security and integrity of the company.
Today, companies must react quickly and flexibly to new challenges and adapt their compliance strategy accordingly. This requires the use of modern compliance tools. These tools offer both a better overview and control, as well as the possibility to automate processes and thus make them more efficient. Seamless integration on one platform avoids efficiency losses due to unnecessary data transfer between tools that, in the worst case, do not speak the same "language" or do not speak the language of global business relationships. A flexible compliance infrastructure is therefore particularly important, whether due to new legal requirements or unexpected events such as cyber attacks or economic crises.
Effective risk management is based on clearly defined processes and responsibilities. Companies should carry out regular risk analyses and include all relevant business areas in the process. It is important not only to rely on historical data, but also to consider future developments and trends.
Transparency and communication are important components of successful risk management. All employees should be informed about the risks and the corresponding risk minimization measures. Training courses and workshops can help to raise awareness of compliance issues and promote a culture of responsibility.
The future of compliance management will continue to be strongly influenced by technological innovations. Artificial intelligence, big data and blockchain technologies offer enormous potential for further optimizing compliance processes and making them more secure. These technologies enable more precise data analysis and help to better understand complex relationships.
Another trend is the increasing importance of sustainability and corporate social responsibility (CSR) in the area of compliance. Companies are increasingly being judged on how they live up to their social and environmental responsibilities. A sustainable compliance management system that integrates these aspects is therefore becoming increasingly important.
In summary, it can be said that sustainable compliance management is not only a legal necessity, but also a strategic opportunity for companies. By using modern tools and technologies, risks can be better managed and opportunities exploited more effectively. Companies that recognize and implement these developments at an early stage will be more successful and resilient in the long term.
Meet us in Berlin at the Federal Congress Compliance 2024.
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