Compliance and Clever Risk Taking
Henrik Duedahl Høyer, Compliance Officer, Compliance Management Advokat, LL.M., Nets Holding A/S, Denmark
In preparation for this article, I tried to think about how I could explain compliance and clever risk taking. To succeed as a commercial enterprise, we work hard to reach our goals and enjoy our rights, but we all know the laws of nature dictate that every right is ultimately accompanied by a corresponding responsibility. And we also know the world is getting much more effective at holding companies to account.. . which is good. Look what happened to Enron, Global Crossing, Xerox, Parmalat, Siemens, TYCO, Volkswagen and others. Hopefully, failure of the past becomes wisdom of the future. In the aftermath of the above-mentioned scandals, SOX, EuroSox and a whole string of new legislation was introduced that made management more accountable. So, now everyone is suddenly talking about compliance and exercising their minds over how best to handle it.
I can tell you that I have been taking a very hard look at what it takes to build an effective compliance programme. I am not a fortune teller, but I am learning a lot very quickly. So in this article, I would like to start off the discussion with you by offering you a few ideas.. . based on what I have been learning recently.
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