Compliance describes the conformity of the activities by undertakings and their employees with rules of law, ethnical principles but also with other standards and guidelines. The respective organization and structure within an undertaking designed to reach these goals is closely connected therewith. Although historically originating from the finance sector, in the meantime compliance is very important for almost all industries. Beside rules specific for certain industries (e.g. banks, pharmaceutical companies, etc.) compliance is especially important in cartel/antitrust law, data protection law, anticorruption law, IT-law and organization and in relation to Corporate Governance.
A specialized compliance consultant advises with respect to the specific rules (laws, ordinances, but also compliance codes, codes of conduct, codes of best practice and other norms, etc.), in relation to internal controlling systems and instruments closely connected therewith (e.g. internal audit, whistle blowing hotlines, ombudspersons, etc.) and supports in particular with training and raising internal awareness essential for compliance.
The team of experts at Preslmayr has - beside the special knowledge in the various areas of law - extensive experience in the practical implementation and organization of compliance measures.
In the wake of the global economic crises triggered by the ongoing COVID-19 crisis, the Austrian Federal Competition Authority (AFCA) expects an increased number of company takeovers in the coming months;