29/08/2019
Whether a small or large business, all companies need to follow laws and regulations enacted by state’s government. Corporate compliance is an ongoing process, and businesses need to make sure that they’re following the rules set in place, standardize and automate compliance processes, decrease compliance risks. A compliance failure can result in litigation, financial penalties, regulatory constraints and reputational damage that can strategically affect an organization. Understanding the elaboration of compliance programmes ECOVIS ProventusLaw has reinforced it‘s capacities in compliance area.
Businesses face special challenges and situations as new laws bring more and more of them into the regulatory arena. ECOVIS ProventusLaw provides services related to the establishment of an ongoing legal compliance and prevention program in order to ensure that the company’s goals, structure and ongoing operations are consistent with the latest developments in business and corporate law. ECOVIS provides an independent review and testing of anti-money laundering systems, programs and procedures designed for financial and non-financial institutions. The experience and consultative approach in AML and generally in finance industry ensures high level of precision and expertise. ECOVIS ProventusLaw also helps to implement controls and practices for ongoing General Data Protection Regulation (GDPR) compliance. Our experts understand the impact the GDPR requirements can have on business operations and bring procedural and technological expertise to organizations regarding these issues.
Certified AML and data protection compliance (CIPP/E) experts
ECOVIS ProventusLaw also can carry out risk assessments to understand the consequences of non-compliance, undertake compliance due diligence, policy gap analyses, policy review and development, training, compliance risk assessments and risk ratings. The law company invokes experienced and certified AML compliance and Privacy compliance professionals with worldwide acknowledged certificates and diversified professional experience. The leading heads of these experienced professional compliance services groups – Inga Karulaityte and Loreta Andziulytė.
Inga Karulaitytė-Kvainauskienė, attorney at law of ECOVIS ProventusLaw and a head of FinTech group, is a certified Anti-Money Laundering Specialists by ACAMS) and maintains competences and essential knowledge in the anti-money laundering field. Loreta Andziulytė, attorney at law of ECOVIS ProventusLaw and a head of Data Protection team is Certified as Information Privacy Professional (Europe) by the International Association of Privacy Professionals (IAPP). CIPP/E certificate is one of the best known and respected certificates in GDPR area worldwide.
As a result ECOVIS ProventusLaw can provide their client a comprehensive package of services related the compliance processes, decreasing compliance risks.
„Legal due diligence makes companies not only familiar with the compliance requirements for companies as laid by the law, but also prepares them for any regulatory audits by the authorities“, pays theattention Inga Karaulaitytė-Kvainauskienė.
Experience of ECOVIS ProventusLaw in financial, telecommunication business sectors and other licensed areas helps clients avoid sanctions and overlaps. Compliance issues are dealt with colleagues from the worldwide ECOVIS network, operating in more than 70 countries.
Advantages of compliance programmes and onsequences of Non-compliance
There are some reasons to elaborate compliance programmes. Firstly, it is often a legal obligation to have them in place. Secondly, it is a business standard. Thirdly, a compliance programme helps to minimise production costs. Moreover, it protects managers against civil liability lawsuits and the company against criminal liability. A lack of compliance with rules and regulations can negatively affect the competitiveness and financial strength of a company. It can also have negative consequences for managers and employees, result in disciplinary action.
ECOVIS provides an independent legal due diligence of Anti-Money Laundering Programs and Procedures designed for financial and non-financial institutions. More about Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) legal review for finance institutions – https://ecovis.lt/fintech/anti-money-laundering-audit-counter-terrorist-financing-aml-ctf-audit/
ECOVIS ProventusLaw Data protection team provides legal assistant with personal data compliance across many legal disciplines and borders. Ecovis ProventusLaw advices both public authorities and private companies – based on a great professional background and a practical approach to handling issues regarding data protection law. More you can find – https://ecovis.lt/data-protection/.
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