Law firms are not just law firms these days. Lawyers need to have full understanding of the client’s business and be ready to think outside-the-box more than ever before especially in the area of compliance. This is why Woźniak Legal is expanding its compliance practice.
Why compliance is at a tipping point?
The practice of compliance refers to adhering to the laws, policies, and regulations that apply to a business. These rules are often set by external entities, including government agencies at the EU, the national and local levels, or independent organizations that set standards for a particular industry or field at the national or international level.
Businesses today are challenged to address an influence of regulatory and business changes that are putting new demands on compliance. The pace of regulatory change, convergence in global regulation, and competition from new market entrants have created a complex environment for compliance leaders across all industries. With compliance now at a tipping point, the role of the Chief Compliance Officer in Poland has gained more prominence and is evolving rapidly. The role of expert lawyers is paramount in the process of verification.
Many regulations are complex to understand and may have multiple interpretations. In the absence of expert advice, organizations may make incorrect decisions that can result in heavy penalties. For instance, the recently launched in Poland regulation on ultimate business owners may be interpreted in different ways and can lead to non-compliance, due to lack of understanding or interpretation. These are vital issues for all businesses.
Adding to the challenge is the risk of reputational damage that frequently accompany compliance failures. Compliance costs and inherent risks have dictated significant changes in product offerings and business operations for some organizations and many are now viewing compliance more as an investment than a cost. Organizations are realizing that business and operational value, such as better quality data and an improved customer experience, can be derived from anticipating risks and meeting regulatory requirements, making compliance an increasingly integrated part of the business investment strategy.
While there is no one-size-fits-all approach to a compliance structure, organizations that fully understand their organizational regulatory requirements, including emerging regulatory changes and challenges, history, people, technology and risks are well positioned to assess if changes to the program infrastructure would be required to keep pace with the dynamic environment.
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