Our compliance strategy is aimed at embedding a sustainable value culture at thyssenkrupp – a culture in which reliability, honesty, credibility, and integrity are the cornerstones of our actions. Because to us compliance is much more than just abiding by the law: compliance is a question of mindset. This includes our clear commitment that thyssenkrupp stands exclusively for fair and straight business. We would rather sacrifice a contract than win it by breaking the law.
In a healthy corporate and management culture, commitment and shared values go hand-in-hand. Violations of the law or internal rules are not compatible with our understanding of compliance.
To this end we continuously optimize our global training programs, promote the deeper integration of compliance into our business processes, and expand our targeted communications.
In recent years the integration and establishment of measures relating to anti-money laundering, data protection and trade compliance was the focus of our compliance activities. In relation to other topic areas – such as occupational safety and environmental protection – the Compliance function has taken on the role of advisor, coordinator, and consolidator. Responsibility for content in these areas remains with the competent functions and segments. The Compliance team provides support and advice and ensures uniform reporting to the Executive Board.
Compliance program further developed on a risk-oriented basis
In addition to the groupwide bottom-up risk analyses to identify objective compliance risks in the companies of the thyssenkrupp group, above all in the areas of anticorruption, antitrust law, data protection, anti-money laundering, and trade compliance, and to review the degree of implementation of the compliance program, we introduced Compliance Dialogs as a further important element of thyssenkrupp's compliance risk management. The Compliance Dialogs make a significant contribution to reducing risk and increasing compliance awareness. The Compliance Dialogs are held in workshop format and promote an active exchange between corporate management, segment/business unit management and the compliance function. They serve to continuously update the bottom-up risk assessment and the implementation status of the thyssenkrupp compliance program and include continuous reviews of the mitigations.
The results of the risk analysis enable compliance activities to be managed in a very targeted and efficient way, both at group level and in the regions. The segments can include the results of the analysis in their strategies and manage their business activities on a risk-oriented basis. At operating level, the responsible officers can focus more on risk aspects in day-to-day business and reduce compliance risks.