Compliance Round Table: When Is Good Good Enough?

On November 20, 2018, the Port of Amsterdam and Voxius organized a well-attended event on the topic “Compliance: When Is Good Good Enough?”

The event is part of the Compliance Round Tables that Voxius organizes twice a year for in-house counsel and compliance officers. This time, the event was held at the Port of Amsterdam, with a stunning view of the harbor and the IJ River. Our host, Wilko Tijsse Claase, Head of Legal Affairs, welcomed the participants and explained how the Port Authority has structured its compliance policy.

The maturity of compliance policies and the way compliance is perceived vary by company, industry, and scope of operations. Medium-sized national companies may view compliance as a real threat to profitability—a necessary evil, undertaken solely to avert intervention by the authorities. Internationally operating companies that are more exposed to (reputational) risks ensure that absolutely all compliance processes are watertight. But how do you ensure that proportionality is not lost sight of?

Most participants feel that compliance receives a great deal of attention when safety is at stake. Sufficient funding is available for safety measures, and the need for them is well recognized. Even if a company has experienced one or more incidents, there is generally no debate about the relevance of compliance. In other cases, compliance officers typically conduct a risk analysis—whether or not in consultation with the board—in which issues are ranked by priority. The budget is then determined based on the identified vulnerabilities. Control measures are generally not “overly elaborate” but primarily serve to support the process. Some participants pointed out that not every risk needs to be mitigated, nor does every policy issue need to be codified. In many cases, a one-time solution is sufficient. There was also a small number of participants who indicated that securing a “compliance budget” is nothing more and nothing less than copying the budget from the previous year.

After the substantive session ended, the participants stayed behind to chat at the Port Authority’s bar, with a view of the Amsterdam harbor—which was now beautifully lit.

We look back on a very successful meeting and will inform you shortly about the topic and date of the next meeting. We would like to extend our sincere thanks to the host and all other attendees for coming.