Corporate Governance & Compliance 

For banks and securities dealers, the development and maintenance of a compliance system is prescribed by supervisory law, while for insurance companies, a compliance system is only necessary where appropriate due to the scope and complexity of economic activity. Other sectors can decide independently whether to set up a compliance system. In practice, however, companies, clients, authorities - and not least employees - are increasingly con-sidering compliance to be a cornerstone of sound corporate governance and organization. These expectations, and the effort to reduce risks through good corporate governance, are leading more and more companies to voluntarily develop and maintain an effective compliance organization.

A compliance system may be linked directly to other areas (e.g. legal advising), or it may be outsourced or practiced on a part-time basis.

The development and maintenance of an effective compliance organization requires the creation of a compliance concept. This concept defines the principles, duties and responsibilities related to compliance: from boards of directors, through compliance representatives and line managers, all the way to employees. A compliance concept also identifies the compliance topics that are important for a company, stipulates compliance reporting to executive committees and boards of directors, and regulates the compliance organization, for example through a Whistleblower/Reporting system. A compliance concept should also include interfaces with neighboring functions (risk management, legal advising, internal auditing).

• Economiesuisse
• SIX Swiss Exchange
• Swiss Financial Market Supervisory Authority