Compliance Management Company in Cyprus

 



What is compliance management?

Compliance management is a word that refers to all of the tools and procedures that are put into place by a firm to guarantee that they are in accordance with the regulations. These regulations encompass not only external regulatory and legal obligations, but also internal policies and bylaws..The methods of Compliance Management Company in Cyprus aim to discover violations of compliance and also safeguard a firm from these violations, which can cost a company a great amount of damage to its reputation as well as significant financial fines.

Companies often implement compliance management platforms to automate and streamline many compliance processes, such as digital whistleblowing systems for employees and stakeholders to report irregularities and approval systems to manage approvals for gifts and hospitality.

Where did compliance originate and why is it becoming more important for companies?

In the 1970s and 1980s, scandals in the US (Watergate, Lockheed) showed companies bribing lawmakers and bureaucrats. In 1977, the US passed the Foreign Corrupt Practices Act (FCPA), outlawing business bribery of foreign government officials. Corporate scandals and breakdowns like Enron in 2001 have intensified calls for greater compliance and regulations, especially for publicly traded companies. The Sarbanes–Oxley Act 2002 specified tighter personal responsibility for corporate top management's financial accounts. Since then, rising legislation in the US and Europe (UK Bribery Act, SAPIN II in France, EU Whistleblowing Directive) has caused senior management to emphasise compliance and ethical behaviour, strengthen compliance divisions, and create compliance management systems.ethical conduct, reinforce their compliance departments and implement widespread compliance management systems.

Why is it so important to conduct risk assessments as part of the compliance management process?

The proper setting of priorities and the implementation of efficient countermeasures to relevant compliance issues are both made possible for businesses by conducting risk assessments. In a perfect world, the compliance risk assessment would be carried out before any specific compliance measures were put into place by the compliance department. This would allow for accurate resource allocation from the very beginning.

In the event that a compliance violation does occur, the risk assessment provides law enforcement and auditors with critical evidence that the organisation has carefully analysed the risks and has taken necessary countermeasures.


Compliance management will fail as a whole as a matter of standard practise if the organisation in question does not have a general culture that values honesty. This is the essential component that must be present in any effective compliance management programme. In the absence of this, businesses have a greater propensity to consider their ethics and compliance programmes as a collection of meaningless "tick-box" tasks, or even worse, as an impediment to the achievement of their business goals.

The following are six guidelines to help you get started 

The following six recommendations will help your firm get started with compliance management :

  • Make sure everyone is on board –All essential stakeholders, ranging from the leadership to the subject matter experts, should have a clear understanding of why a compliance programme is vital and what it strives to accomplish. This establishes the standard from the beginning.

  • Carry out an analysis of the risks - This allows the board of directors and senior management to concentrate on the threats that pose the greatest threat to the organisation, and it also offers a foundation for deciding the steps that must be taken in order to eliminate, reduce, or eliminate those threats.logspot log in

  • Conduct a policy audit – To make a list of everything that already exists in the world. This will reveal any gaps in your existing policy library as well as any adjustments that are required that need to be made.

  • Provide training – Its not enough to simply update the policies. Employees need to both understand the policies and how they apply to their day-to-day work. That’s where training comes into play.

  • Create a system for monitoring and reviewing it – This will future-proof your programme and ensure your programme stays relevant.

  • Accountability should be built in – In the event that an employee does not comply with the policies, there have to be procedures in place. These should include distinct disciplinary procedures and protocols that are actively and regularly enforced by the relevant authorities.
What does a compliance manager do?

As a result of the fact that compliance is still a novel subject for discussion within businesses, compliance managers are frequently misunderstood. Compliance managers are responsible for assisting corporate units in adhering to the various laws, rules, and procedures. They accomplish this by keeping track of regulatory developments that may have an effect on the company's operations, routinely maintaining policies and processes that enable a company to remain within the regulatory framework of an industry, and routinely educating staff members on significant regulatory changes. They keep a close eye on the compliance management programme and unearth previously unknown threats. Compliance managers are tasked with monitoring and evaluating existing compliance procedures in order to identify potential improvement areas.


AAA Management Services  offer a range of services for clients seeking solutions from a strategic, business as usual or problem-solving perspective.


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