Compliance Management System
The basis for our Compliance Management System (CMS) and ongoing risk control is a group-wide, systematic risk analysis in all business units. Qualitative and quantitative factors are evaluated, such as the corresponding business model, relevant general conditions and the type of contract party relationships.
The Compliance Management System comprises seven CMS elements:
- Awareness of the importance of Ethics / Integrity as well as “Tone from the Top” as the basis for the CMS.
- Definition of essential CMS objectives based on the general corporate objectives.
- Determination of the operational and organizational structure, roles and responsibilities as well as the allocation of the required resources
- Identification of essential compliance risks and implementation of a systematic approach for risk identification and risk-oriented mitigation.
- Establishment of basic processes for the mitigation of compliance risks and prevention of misconduct.
- Information and training of employees and, if applicable, third parties on the CMS.
- Monitoring and reporting of adequacy and effectiveness of the CMS and continuous improvement in case of weaknesses.