Smart Risk Assessment for Compliance Risk

Maik Ebersoll, Head of Legal Operations, The Linde Group, Germany
Florian Stork, Associate Senior Counsel - Compliance EMEA, The Linde Group, Germany

Successful management of compliance risk lies at the heart of the compliance mission statement. Practical efforts to develop and expand upon existing methodologies are ongoing, with the goal of identifying and being able to put in place effective systems. Maik Ebersoll and Florian Stork offer their insight on the quest for a pragmatic, economically efficient risk assessment process that is reasonable, comprehensive and sustainable. Their “Smart Risk Assessment” was developed in practice in the world of corporate business, gas and engineering, and therefore approaches this issue from a wholly practical perspective, aiming to reconcile the conflicting goals of (i) efficient use of resources, and (ii) meeting the requirements of an appropriate Compliance Management System. In this article, the background to this particular risk-based methodology is provided and its stages explained step-by-step through a clear and instructive case study. Within this, the authors argue their case on why this approach, based around screening procedures, provides greater efficiency and they let us benefit from consideration of a methodology which has been developed out of existing approaches, been tried and tested in a practical sense and found to be effective.

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Germany Risk Industry August 2014 Vol. 7, No. 28, Summer 2014

Maik Ebersoll

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Florian Stork

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The Linde Group

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In the 2013 financial year, The Linde Group generated revenue of EUR 16.655 bn, making it the largest gases and engineering company in the world with approximately 63,500 employees working in more than 100 countries worldwide. Gases Division The Linde Group is a world leader in the international gases market. We offer a wide range of compressed and liquefied gases as well as chemicals, which makes us an important and reliable partner for a huge variety of industries. Our gases are used, for example, in the energy sector, steel production, chemical processing, environmental protection, and welding, as well as in food processing, glass production and electronics. We are also investing in the expansion of our fast-growing Healthcare business, i.e. medical gases, and we are a leading global player in the development of environmentally friendly hydrogen technology. More on Industrial Gases and Healthcare Engineering Division Our Engineering Division is successful throughout the world. It focuses on promising market segments such as olefin plants, natural gas plants and air separation plants, as well as hydrogen and synthesis gas plants. In contrast to virtually all our competitors, we are able to call on our own extensive process engineering expertise in the planning, project development and construction of turnkey industrial plants. Linde plants are used in a wide variety of fields: in the petrochemical and chemical industries, in refineries, fertiliser plants and in the pharmaceutical industry. Linde also constructs plants to recover air gases, produce hydrogen and synthesis gases and treat natural gas. More on Engineering Gist Division Gist combines leading-edge experience and expertise to offer a range of solutions to transform supply chains. We offer all or a combination of design, set up, implementation and operational management through to supply chain consulting services depending on a company’s current operations and future plans.

Germany Risk Industry August 2014 Vol. 7, No. 28, Summer 2014