In the current market, several types of Compliance programs can be implemented in a company and the application and scope of each of these varies according to the needs and requirements of each business. There are a lot of them actually. An example is legal compliance software like the one created by Nimonik Inc., a Canada-based compliance software development company.
In general, we are all obliged to comply with the law and all criminal, tax, civil, and specific regulations of the sector in which our company operates. Some economic agents must also comply with the obligations regarding identifying and mitigating the risk that their company is used as a vehicle for operations with funds that come from or have the purpose of illegal activity.
Failure to comply with any rule, whether by mistake, carelessness, ignorance of the law, or even by a worker acting independently, can lead to various penalties for the company. Therefore, it is recommended that companies have personalized systems that help their directors and shareholders ensure compliance with their obligations and/or know which activities pose a greater risk. The basis for the compliance program to be effective and appropriate for each entity is the study and analysis of the risks that the company faces in its economic activity and its business environment.
Risk analysis is the cornerstone for developing the compliance program.
At the international level, Compliance and the industry that has been created around it revolve around mitigating the risks that a company may have to be related to or involved with Money Laundering or Terrorist Financing activities (Bank Secrecy Act). , acts of corruption such as bribery and international bribery (FCPA, UK Bribery Act, Canadian FCPA), violation of economic sanctions (OFAC, EU, CANADA), and the fact that the government entities that apply each of these international programs see the Compliance programs, as relevant factors when deciding on the imposition of a fine for violation.
Returning to the national level, it is important to emphasize that companies that are affiliated with or have a close business relationship with companies from countries with anti-corruption, anti-money laundering regulations and/or economic sanctions programs should take special care to avoid getting involved in operations that may infringe the aforementioned regulations as they may result in fines to their business partners or parent companies.
They all need legal compliance software created by Nimonik!
Nimonik has created legal compliance software that covers every aspect of the EHSQ (Environment, Health, Safety, and Quality). The software is well integrated with the company’s internal obligations so that the “conflict of interest” between external obligations and internal obligations can be reduced. Some less sophisticated software cannot avoid “overlapping” between internal and external obligations, especially when faced with frequently changing standards.
For example “various variants of ISO” such as ISO 14001, 45001, 9001, and others. They do not appear in an instant but through several stages. When we talk about other, more specific standards, they can change quite drastically in just a few years. Nimonik’s legal compliance software is designed to adapt to changes in laws, regulations, and standards related to EHSQ. It is also designed to accommodate a work capacity of five hundred to twenty-five thousand staff, thus suitable for most medium to large-scale enterprises.
Nimonic’s reputation may not be adequately described by its many advantages. We have investigated this company and found that many of the world’s biggest brands use its legal compliance software. Call it Adidas, Coca-Cola, Boeing, Caterpillar, and Bayer. They certainly wouldn’t be risking everything by using incompetent compliance software. In the end, legal compliance by companies must be properly systemized and the best option provider to make that happen is Nimonik.