Nowadays, compliance is relevant for companies of all sizes and in all industries. Good compliance management is essential for companies that want to keep protecting themselves and their customers and maintain a good reputation. Continuous adherence to laws and guidelines reduces risks of infringing criminal and civil laws. It also avoids any fines or third party claims for damages.
Compliance also demonstrates that a company values its integrity and reputation. It is about acting responsibly and adhering to ethical principles such as respect, sustainability or transparency. What is more, compliance management that is fully and openly practiced and communicated externally represents a competitive advantage and unique selling point. Who wouldn't want to have a customer, employer, partner or supplier who can be trusted to always be compliant?
However, many companies are confronted with ever growing challenges of adhering to various compliance guidelines. The focus is no longer only on customer needs, global competition and the achievement of individual corporate goals. Depending on the industry, the often immensely growing requirements imposed by the legislator put a strain on internal resources. Consistent compliance requires a cross-company approach. Internal guidelines must be defined and adhered to by all staff. Systemic adjustments, staff training or the appointment of compliance officers are just some of the areas requiring action.
In order to fulfil all compliance guidelines, external partners and suppliers will also have to work in a fully compliant manner at all times. This is particularly relevant for national and international payment transactions, i.e. when working with banks and financial service providers. Only regulated financial service providers offer reliable protection against breaches of the law, corruption, financial crime and not least against financial losses. Finance service providers are subject to strict guidelines and regular monitoring of their compliance.
In Germany, the provision of a regulated payment service requires a license from the Federal Financial Supervisory Authority (BaFin). Our subsidiary PAVIS Payments was the first payment service provider for IP services to receive this license on 21 January 2020. In future, PAVIS Payments will carry out all worldwide payments for the renewal and maintenance of intellectual property rights for PAVIS. With PAVIS and PAVIS Payments, our customers not only have fully compliant partners at their side. We also guarantee at all times that their payments for renewals of intellectual property rights at international patent and trademark offices are made both on time and in compliance with the law. We want to meet your requirements, help you with your administrative tasks, and ensure the continued validity of your IP rights – these are our top priorities.