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Legal Compliance Systems – a Necessary Mechanism in Organizational Risk Management

Author

Listed:
  • Stradomska Gabriela

    (Warsaw University, Faculty of Law and Administration, Warsaw, Poland)

  • Tołwińska Alicja

    (University of Social Sciences, Institute of Economics, Warsaw, Poland)

  • Kegö Walter

    ((Former) Institute for Security and Development Policy, Stockholm, Sweden)

Abstract

Objective: Compliance is currently seen as an integral structure of managing financial organizations and it is widely gaining popularity in other types of companies. However, despite model solutions being widespread across the world, there are still many problems due to the lack of effective business compliance management systems meeting the expectations of managers or executives. This is caused by not only incessant legislative changes, but also the multilateral character and function of compliance norms in legal practice and theory. The research purpose of this theoretical dissertation is to demonstrate that legal compliance management systems are a necessary tool for organizational risk management, both formally and practically.

Suggested Citation

  • Stradomska Gabriela & Tołwińska Alicja & Kegö Walter, 2019. "Legal Compliance Systems – a Necessary Mechanism in Organizational Risk Management," Journal of Intercultural Management, Sciendo, vol. 11(4), pages 81-99, December.
  • Handle: RePEc:vrs:joinma:v:11:y:2019:i:4:p:81-99:n:3
    DOI: 10.2478/joim-2019-0024
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    References listed on IDEAS

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    1. D. Daniel Sokol & Roger D. Blair & Thomas Knight, 2013. "Compliance with Corporate Policy: An Economic Approach," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 34(7-8), pages 529-537, October.
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    More about this item

    Keywords

    compliance; legal standards; management; the risk of non-compliance;
    All these keywords.

    JEL classification:

    • K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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