Audit of compliance management systems

As an integral part of a company's corporate governance, the compliance management system (CMS) is designed to ensure that rules are adhered to within the company. While the business environment is becoming increasingly complex due to external influences such as increasing digitalization, new competitors and regulatory requirements, cost pressure is rising. As a result, efficient compliance management is increasingly becoming the focus of management. Regulatory authorities are also paying increasing attention to areas that were previously heavily regulated. This is closely linked to increased public awareness of compliance failures. As a result, reputational damage and fines can quickly threaten a company's existence. An effectiveness audit of the CMS by an independent auditor can serve as objective evidence of the exercise of this management duty. The audit is based on the recognized auditing standard IDW PS 980, according to which a CMS system consists of seven elements that must be examined in detail. The experts at Crowe BPG can also advise you on the implementation of compliance management systems in your company.