Compliance Risk Management Strategies Gaining Ground in Poland
A recent study on compliance management systems (CMS) in Polish companies has revealed a growing trend towards adopting risk management strategies. This article provides an overview of the study’s findings and highlights the importance of compliance officers, CMS components, and implementation costs.
Growing Adoption of Compliance Management Systems
According to the study, 65% of enterprises in Poland have implemented full-fledged CMS, while 84% conduct internal audits. The report, compiled by Compliance Institute together with Europa-Universität Viadrina, EY, and Wolters Kluwer, surveyed Polish businesses of various sizes and turnover.
Key Statistics
- 65% of companies have implemented full-fledged CMS
- 84% conduct internal audits
- 82% of compliance officers have independent positions and report directly to management
Compliance Officers: A New Function Requiring Interdisciplinary Skills
The study found that compliance officers are relatively young, below 40 years old (63%), educated mainly in law and economics. They usually have less than five years of professional experience.
Compliance Officer Profile
- Age: Below 40 years old
- Education: Law and economics
- Experience: Less than five years
- Skills: Leadership, objectivism, openness, trustworthiness, and communication skills
Implementation Costs and Motives
The study revealed that 56% of respondents believed that implementation costs were worth the money. The average time taken to implement a CMS ranged from six months to over a year.
Implementation Costs
- Average implementation time: Six months to over a year
- 17% took between six months to a year
- 32% took over a year
CMS Components: Risk Analysis, Whistleblowing, Compliance Training
The report found that risk analysis is key to smooth implementation and functioning of a CMS. 93% of companies conducted a risk analysis at least once, while 92% implemented some kind of whistleblowing solution.
CMS Components
- Risk analysis: 93% of companies conducted a risk analysis
- Whistleblowing solutions: 92% of companies implemented whistleblowing solutions
- Compliance training: 92% of companies practice compliance training among employees
Conclusion
The study concluded that compliance management systems are already in place among Polish businesses, with their importance growing. Rödl & Partner’s experts offer implementation and optimisation services for companies seeking to strengthen their risk management strategies.
Growing Popularity of Compliance Training and Business Partner Verification
Compliance training among employees on all levels is practiced in 92% of companies, while business partner verification for compliance practices is becoming increasingly popular.
- Compliance training: 92% of companies practice compliance training
- Business partner verification: Due diligence, contractual provisions, and external checks are employed