Key takeaways from Compliance Solutions Day 2022
Compliance has risen to the top of the agenda and will continue to be a high priority for the foreseeable future. With substantial fines and reputations on the line, the value of prevention cannot be underestimated.
The Glory of Prevention was the motto at this year’s Compliance Solutions Day at the beautiful Schönbrunn Palace in Vienna. The summit hosted by LexisNexis was attended by 250 compliance professionals and was filled with exciting sessions around handling AI, cybercrime prevention, ESG challenges, sanctions and whistleblowing.
The opening keynote was presented by Hiltrud Werner, Chairwoman of the Supervisory Board of Mitteldeutsche Flughafen AG. She shared her insights around compliance and monitoring based on her experiences from her previous roles in BMW and Volkswagen where she was a member of the Management Board. The closing remarks were by Armin Nassehi, Professor of Sociology at Ludwig-Maximilians-Universität München.
Martin Eckel (Lawyer, Taylor Wessing) moderated my session with Lisa Rebisant (Lawyer, Schiefer) and Luca Mak (Managing Director, Transparency International). Lively discussions were had on the latest trends and challenges around sanctions, transparency, and whistleblowing.
My three takeaways from CSD22:
- Whistleblowing is here to stay
We are still waiting for the EU Whistleblowing Directive to become law in more than 15 European countries. With varying deadlines for implementation in different countries, compliance and legal certainty will continue to remain challenging. With the increased focus on ethical and responsible behavior, organizations will be expected to not only manage the compliance aspect, but also to create a culture where speaking up is encouraged.
- Sanctions are affecting everyone
Sanctions compliance has historically mainly been the burden for financial institutions but recently this is spreading and impacting across all industries. Whilst the Russian war in Ukraine is causing a challenge for organizations with a large exposure in the region either directly or via their supply chain, it is key to also keep an eye on the wider sanctions landscape. With a substantial uptick in European and US enforcement trends this rapidly changing landscape will continue to be a high focus and challenge for organizations and compliance professionals.
- Cyber-attacks, not if but when
The ripple effects from the pandemic, economic turmoil and shifting geopolitics are all creating the perfect storm for cyber criminals. With the increased likelihood of cyber-attacks, leading to reputational fallout and potentially regulatory inquiries, the key word is not if but when. Organizations will need to stay ready, stay focused and be prepared.
If you would like a copy of the slide deck, Rethinking Compliance, used for our session please reach out to Kristof Wabl.