Compliance pays off

The concept of compliance refers to abiding by norms, laws and industry standards as well as the provisions of self-regulatory measures and internal directives. Panalpina is convinced that a well embedded and implemented compliance program pays off: it reassures customers, partners and employees and improves the organization’s efficiency. In addition, the compliance program embedded in Panalpina’s corporate culture can contribute significantly to protecting customers, partners, suppliers and the company itself from costly lawsuits, compensation claims and reputational damage. It goes without saying that such a program can only work in reality with the involvement of all partners: on the one hand the partners and suppliers need to fully commit to Panalpina’s standards and on the other hand the supply chain needs to be analysed with the customers, as in some instances compliant behavior might have a severe impact on the transit-times and workflows.

Legal framework and self regulation

Some countries have either no government-imposed rules on preventing corruption or are hesitant to implement such rules. In such cases the emphasis lays on self-regulation. Examples of such self-regulation include the “Rules of Conduct and Recommendations to Combat Extortion and Bribery” of the International Chamber of Commerce (ICC), dated 2005, or the “Business Principles for Countering Bribery” published by Transparency International and Social Accountability International.