In order to remain competitive, compliance activities must be increasingly efficient, flexible and cost-effective - without losing any of their effectiveness. KPMG's Regulatory & Compliance department supports banks, insurance companies and securities and financial services institutions in setting up, reorganising and further developing their compliance function.
Compliance management at a glance
Effective compliance management is a central element of good corporate governance. It ensures that internal guidelines as well as legal and regulatory requirements are adhered to - both nationally and internationally.
A compliance management system (CMS) encompasses all relevant processes, structures and measures. It helps to recognise risks of non-compliance at an early stage and to manage them systematically. A structured CMS is becoming increasingly important, especially in highly regulated sectors such as the financial industry.
Even if there is no general legal obligation to introduce a CMS, supervisory authorities expect an appropriate and effective compliance system - for example as part of MaRisk or BAIT. For many institutions, a CMS is de facto indispensable.
Shaping compliance transformation
Four key components are crucial for a strategy-led compliance and risk function:
We harmonise the key elements of an effective compliance framework. The following services help you to successfully implement your compliance and risk transformation:
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