Thanks to Compliance, institutions are able to conduct their operations and activities ethically, with the highest level of integrity, whilst at the same time fulfilling all of the legal and regulatory requirements (known as external requirements) and all of the industry regulations, policies and procedures adopted by firms (known as internal requirements).
Nowadays, there is no question that putting in place an efficient and effective Compliance Management System (CMS) within institutions can diminish or even nullify the risk of penalties, lawsuits or the definitive closure of businesses.
In a few words, a CMS is a comprehensive program (consisting of processes, documents, controls, tools and functions) that helps an organisation to fulfill the legal requirements and therefore minimize or even eliminate harm due to legal infringements.
This article describes the current existing Compliance Models and explains about the UK Bribery Act 2010.