A successful compliance strategy is indispensable for managers today. It helps to minimise legal risks and strengthen the integrity of the company at the same time. Many clients come to us with the question of how they can systematically develop and implement a compliance strategy. In this article, we show you how to use KIROI Step 5 in a targeted manner to master your compliance strategy.
What does compliance strategy mean for managers?
A compliance strategy describes how a company ensures compliance with laws, regulations and internal guidelines. It includes measures for risk assessment, the development of rules and continuous monitoring. Managers are responsible for ensuring that all employees understand and comply with the requirements.
Many companies rely on a compliance strategy to avoid legal sanctions and strengthen the trust of customers and partners. Clients often report that they can also give internal processes more structure through a clear compliance strategy.
The five steps of the KIROI method
The KIROI method offers managers a structured way to develop a compliance strategy. Each step builds on the previous one and leads to a holistic approach.
Step 1: Analyse context
Before you develop a compliance strategy, analyse the context of your company. What laws and regulations apply to your industry? What internal guidelines are already in place?
Example: A company in the healthcare sector must comply with the General Data Protection Regulation (GDPR). A financial services provider must comply with anti-money laundering guidelines. A retail company must fulfil product safety regulations.
Step 2: Identifying risks
The next step is to identify potential compliance risks. Which processes could lead to violations? Which employees are particularly affected?
Example: A marketing team could inadvertently use personal data without consent. A sales team could violate non-compete clauses during contract negotiations. An IT team could overlook security gaps in data processing.
Step 3: Develop rules and guidelines
Develop clear rules and guidelines that target the identified risks. Ensure that all employees understand and can comply with the guidelines.
Example: An e-commerce company introduces a data collection consent policy. A company in the construction industry creates a checklist for compliance with health and safety regulations. A company in the financial sector develops a guideline for documenting transactions.
Step 4: Organisation and communication
Organise the implementation of the compliance strategy and communicate the requirements clearly to all employees. Training and information events are particularly important here.
Example: A company in the healthcare sector organises regular training courses on the GDPR. A company in the retail sector organises workshops on compliance with product safety regulations. A company in the financial sector organises online training courses to combat money laundering.
Step 5: Monitoring and control
Monitor adherence to the compliance strategy and carry out regular checks. Adjust the requirements if necessary and document all measures.
Example: A company in e-commerce carries out annual audits to ensure compliance with data protection regulations. A company in the construction industry carries out regular inspections to ensure compliance with health and safety regulations. A company in the financial sector carries out internal controls to document transactions.
BEST PRACTICE with one customer (name hidden due to NDA contract) A medium-sized company in the healthcare sector was struggling to implement the GDPR in all departments. With KIROI Step 5, we developed a compliance strategy that focussed on regular training, clear guidelines and annual audits. This enabled us to significantly improve compliance and strengthen customer trust.
Mastering compliance strategy: tips for managers
Managers should actively support and exemplify the compliance strategy. Regular training and clear communication are crucial. Document all measures and adapt the guidelines if necessary.
Example: A CEO organises monthly meetings on compliance strategy. A department head organises compliance workshops. A team leader documents all measures and reports violations immediately.
My analysis
A compliance strategy is indispensable for managers today. It helps to minimise legal risks and strengthen the integrity of the company. With KIROI Step 5, you can systematically develop and implement your compliance strategy. Regular training, clear communication and documented measures are crucial for success.
Further links from the text above:
Compliance: The most important things for companies at a glance
SEO for managing directors: information & tips
Compliance: Definition and importance for companies - Haufe
Effects of the GDPR - is SEO data protection compliant?
Compliance: definition, meaning & measures
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