On March 18, the first of two planned virtual meetings of the Compliance Working Group in 2021 took place under the title “Building effective compliance management systems – a practical guide“, chaired by Désirée Maier from Hogan Lovells International.
In her presentation, Ms. Maier began by explaining the background and objectives of establishing compliance systems. Proof of an adequate compliance management system (CMS) can reduce or even exclude the liability of companies or individuals due to legal requirements. But what does “adequate” CMS mean and how can its adequacy be determined? Ms. Maier provided various practical tips that can be used to assess an adequate CMS. For example, the requirements from the Department of Justice, enforcement authorities, benchmarks or compliance risk assessments can be used as sources.
In her presentation, Ms. Maier went on to discuss the core elements of a CMS. Using the classic classification “Prevent”, “Detect” or “Respond”, she underpinned the components of a CMS with a large number of practical examples and presented a comprehensive guide. Many thanks to Désirée Maier from Hogan Lovells, the participants were able to take away many practical insights from this “best-practice sharing”. The presentation can be downloaded by all members of the Federal Association in the members’ area.
