Compliance

In ABT’s approach, Compliance is, on one hand, the part of the organization’s internal control system responsible for the identification and management of so-called compliance risks at an organizational level.
(Compliance risk: the risk of legal or regulatory sanctions, significant financial loss, or reputational damage resulting from the organization’s failure to comply with laws, regulations, rules, self-regulatory body standards, or codes of conduct applicable to its activities.)
Related to this, see our relevant blog post, also accessible from here.

An effective Compliance function supports the prudent, reliable, and law-abiding operation of the organization, ensures adherence to internal policies, protects organizational assets, and safeguards the interests of clients and owners, while also maintaining trust in the organization.
Whether it's data protection (e.g., GDPR), fraud prevention, or anti-money laundering (in organizations subject to such regulations), these are all areas where poor practices can pose significant risk to the organization, including reputational damage.

Regardless of whether a specialized organizational unit has been established within your organization—either exclusively or alongside other duties—for managing compliance risks, it is important to be aware that compliance risks affect your organization under all circumstances.
Naturally, whether a dedicated function is created for managing these risks depends greatly on the extent of those risks, the organization’s size, the complexity of its activities, and various other internal and external factors.

We can assist in both scenarios: whether there is no standalone Compliance function yet in place (in which case outsourcing compliance questions to an external expert can be a particularly cost-effective solution), or if your organization already has an internal Compliance function.

Our Services

For all clients (regardless of whether they have a dedicated Compliance function):

• Audits in accordance with various regulatory requirements (e.g., SOX, MNB regulations, IBTV, etc.)
• Standalone compliance reviews on specific topics
• Assessment and evaluation of compliance risks, recommendations for control environment development
• Data analytics
• On-site support during regulatory audits
• Advisory services to operational management or owners on opportunities for improving the Compliance function
• Safeguarding Officer Service

For clients without a standalone Compliance function:

• Internal Control System Quick-Check: rapid diagnostic assessment of internal controls
• Providing the Compliance function as an outsourced service
• Consulting on establishing a Compliance function

For clients with an established Compliance function:

• Compliance Quick-Check: rapid diagnostic review of the existing function
• External quality assurance of the Compliance function
• Expert delegation for compliance projects (co-sourcing)
• Interim management of the Compliance function
• Development and review of compliance policies and methodologies
• Consulting on the technological development of the Compliance function
• Advisory services in integrated assurance projects
• Consulting in continuous monitoring projects
• Advisory services for Audit Committees, Supervisory Boards, or other stakeholder forums related to compliance oversight

Who Should Consider Our Services?

• Company owners and bodies representing them (e.g., Supervisory Board, Audit Committee)
• CEOs and managing directors
• CFOs and other top-level managers
• Compliance officers and managers

Why Is It Useful?

• Independent Expert Opinion: Our experienced professionals offer a fresh, objective review of main processes and their inherent compliance risks.
• Risk Control: Regular compliance activities uncover hidden risks and assess whether appropriate controls are in place.
• Transparency: A strong Compliance function fosters trust in the organization and serves the interests of both owners and clients.
• Benchmarking & Knowledge Transfer: With experience across many companies, we compare practices and share best-in-class solutions.
• Regulatory Compliance: We help interpret legal requirements related to control systems and IT, identify deficiencies, and support corrective action.
• Meeting Reporting Obligations: Management often needs to comply with legal reporting obligations under tight deadlines. We help ensure these are met in line with industry best practices.
• Practical, Tailored Policies: We assist in aligning your company’s internal policies with actual processes to ensure they provide real value.