Legal & Compliance

At Numeris Consulting, we understand that businesses today are faced with a multitude of legal requirements and regulatory challenges.
Our team of experts at Numeris Consulting has extensive experience in identifying and placing lawyers with specialist legal and compliance knowledge. We understand the importance of legal compliance and the need to meet legal requirements to ensure the long-term success of a business.
We therefore identify specialist lawyers to ensure that your business meets this legal framework while implementing effective compliance mechanisms.

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Significance of compliance for companies

Compliance refers to adherence to laws, regulations, standards and internal policies and procedures. Particularly in the financial industry, compliance is crucial as companies are subject to numerous regulatory requirements. Non-compliance can have significant legal and financial consequences and damage a company's reputation.

Therefore, organisations need to know and understand the relevant laws and regulations. It is critical to develop and implement clear policies and procedures for compliance and to conduct a comprehensive risk assessment. Companies should also establish clear responsibilities for compliance and make continuous improvements. A culture of compliance is conducive to this, ensuring that all employees understand the importance and consequences of compliance and act accordingly.

Regulatory

The financial industry, for example, is overseen by a variety of regulators who want to ensure that companies act ethically, protect the interests of investors and ensure the stability of the financial system. Relevant regulations include, for example, the German Banking Act (KWG), the Minimum Requirements for Risk Management (MaRisk), anti-money laundering laws (AML) and the Markets in Financial Instruments Directive (MiFID).

Compliance management systems and processes

To meet compliance requirements, it is essential to establish an effective compliance management system (CMS). This includes the development and implementation of compliance policies and procedures, compliance monitoring and control, as well as training and awareness-raising of employees. A well-structured compliance management system helps companies to identify risks, act proactively and avoid compliance violations.

When implementing a compliance management system, companies must ensure that senior management supports the CMS and provides appropriate resources or staff. It is critical to conduct a risk assessment, establish clear policies and training programmes for employees, and implement mechanisms to monitor, report and sanction non-compliance incidents. Changing legal requirements make it necessary to continuously adapt the CMS.

ESG Reporting

ESG (Environment, Social, Governance) reporting requirements have increased in recent years as investors and regulators demand more transparency and accuracy of sustainability information. It is imperative that the information in the reports is based on validated sources. Furthermore, ESG risks should be identified, assessed and appropriately managed, possibly through the implementation of internal controls. Organisations must generally measure, assess and disclose their ESG performance. This includes reporting on environmental impacts, social impacts, diversity and inclusion measures, ethical business practices, corporate governance and more.

Stakeholder engagement, which includes investors, customers, employees and the public, is also significant. Communication and provision of relevant ESG information to stakeholders should be done appropriately, taking into account their needs and expectations. Companies can use recognised sustainability standards and frameworks to improve their ESG reporting. Establishing internal monitoring and review mechanisms is advisable to ensure proper implementation of ESG reporting. Comprehensive consideration of these aspects ensures sound and accurate ESG reporting within the company.

Sustainability in corporate strategy

Sustainability should not only be considered as a separate compliance requirement, but as an integral part of corporate strategy. Companies that successfully integrate sustainability into their business processes and decisions can achieve long-term competitive advantages, increase investor attractiveness and reduce the risk of reputational damage.

ESG factors can be used as a tool to assess and manage the sustainability performance of companies and organisations. Companies that integrate ESG principles into their business strategy and practices typically work to create long-term sustainable business models.

Supply Chain Sourcing Act

The Supply Chain Sourcing Act has far-reaching implications for companies, especially those with complex global supply chains. Companies will be required to monitor their supply chains, identify risks and take measures to prevent violations of human rights, labour standards and environmental protection.

Therefore, companies need to understand and implement legal requirements, especially in relation to human rights, the environment and labour conditions in the supply chain. Violations can lead to legal consequences, financial losses and reputational risks. Organisations should take proactive measures to ensure compliance with the law and manage their supply chains responsibly.

This includes disclosing relevant information about suppliers and due diligence measures. Dialogue with employees, customers, NGOs and other stakeholders enables appropriate engagement. Internal monitoring and auditing ensure proper implementation of due diligence. Finally, organisations should be aware that the specific requirements of supply chain due diligence law may vary by jurisdiction and industry.

In-house lawyers

In-house lawyers are specialised lawyers who work in companies and provide legal advice and support. In doing so, they face specific challenges as they require not only legal expertise but also sound industry knowledge and business understanding. Furthermore, they play an important role in ensuring the legal compliance of business processes, drafting contracts, resolving disputes and other legal matters. In-house lawyers work closely with other departments and help to ensure that the company meets legal requirements.

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Numeris Consulting has a broad network of legal and compliance professionals at your disposal to meet your specific needs. We help companies identify the right experts with the necessary know-how to meet regulatory requirements and minimise compliance risks.
Contact us today to find out more information about our services and how we can help you find the right legal and compliance professionals. We look forward to working with you.