Companies are exposed to an ever-increasing number of complex risks, such as fraud, money laundering, cyber attacks, corruption, theft of personal data and social and environmental responsibility. They need to implement a compliance approach to manage these risks and change their culture. Failure to do so can result in financial, civil and criminal penalties, damage to image and reputation, and very negative business and human impacts.
Paradoxically, SMEs still perceive this function as a constraint and do not always have the resources to deploy an efficient programme.
Compliance, an essential tool for SMEs and SMIs
To protect themselves from risk, boards and senior managers need to take ownership of compliance issues. This means integrating them into the definition and implementation of corporate strategy.
Compliance is not just for large groups
Compliance ensures that the behaviour of a company, its managers and employees complies with the legal and ethical standards applicable to all levels of strategy. It is essential for both small and medium-sized companies.
The requirement for compliance is amplified by laws such as Sapin 2, the RGPD, and the Pacte law. These laws aim to increase the social conscience of companies, establishing that profitability must not be the sole aim of the French economic model.
However, we are finding that SMEs and SMIs are still finding it difficult to position compliance in their business. The most advanced companies have appointed a compliance project manager. This expert, who is proficient in project management, brings together multidisciplinary teams to roll out the programme. He or she encourages the sharing of practical experience and reports on risks, points to watch and alerts. The aim is to improve the efficiency of processes, organisation and the circulation of information. But many companies have yet to draw up their roadmap.
Tone from the top - fundamental in ETIs and SMEs
The Board of Directors, through its dual role of guidance and control, plays an essential role in the prevention, detection and understanding of risks. Directors are therefore entitled to demand that compliance measures be put in place.
Proof of this development is that we are recruiting more and more directors for SMEs that have developed this risk management culture by integrating compliance into the company's strategy.
Then, on the basis of the strategic guidelines determined by the Board, the Executive Board defines, implements and monitors the programme.
As ETIs and SMEs often wear two hatsWe recruit a wide range of people to take on the role of compliance officer and project manager. They are capable of establishing and managing a compliance programme tailored to the company's DNA and challenges.
At a time when risk-based governance is no longer enough, compliance is infusing the legal and financial environment. It is therefore essential to develop interaction between directors, senior management and the heads of the risk and compliance functions, who are highly operational, in order to protect the company - whatever its size and culture - and ensure its long-term development.
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