Compliying with Regulations
The minimum requirement for companies is to comply with relevant regulations. This avoids legal consequences and reputational damage and is the first step towards ethical business practice and constructive business relationships.
Data and Information Security & Confidentiality
Specific measures to protect sensitive data include the need-to-know principle, strict compliance with the GDPR, and information classification. These safeguards protect confidential and personal information and reduce data protection risks and compromise of internal business-critical data.
Preventing Money Laundering & Other Illegal Activities
With the help of appropriate control mechanisms, transaction monitoring systems and well-trained personnel, companies can identify and report money laundering activities at an early stage and avoid or contain a compliance violation. This not only helps to avoid legal consequences, but also protects the company itself from abuse through criminal activities.
Employees Protection & Non-Discrimination
Equal treatment and the protection of employees against discrimination are an important part of compliance. The General Equal Treatment Act (German abbreviation: AGG) requires companies to protect their employees from discrimination, harassment and unfair treatment. In addition, equal treatment creates a positive working environment and promotes an inclusive, diverse and respectful work environment.
Interactions With Customers & Business Partners
Compliance-conformant behavior as lived within the company should also apply toward customers and business partners. This includes, for example, ethical standards relating to contracts, agreements and transparent business practices in order to minimize the risk of fraud, corruption and other criminal business practices and to build long-term relationships based on trust.
Insider Trading & Tips
Companies should establish clear policies and procedures for dealing with insider information to avoid conflicts of interest and illegal actions. Insider trading refers to trading in shares on the basis of non-public information and is prohibited by law. This makes insider trading an absolute no-go and violates the integrity of the company and the capital market as a whole.
Donations & Sponsoring
Donations and sponsorship are not wrong per se. What matters is the correct way of handling them: By managing donations and sponsoring in a transparent and responsible way, companies strengthen their reputation and prevent potential conflicts of interest. This also minimizes the risk of undue influence or corruption. Speaking of conflicts of interest...