Technology will also make risk mitigation and compliance functions faster, more precise and less expensive in a digital world. Nevertheless, good governance is not just a question of technology, but rather of human behaviour. Integrity is of the utmost importance for gaining the trust of our clients, shareholders, employees and the general public. Accordingly, the LLB Group attaches great importance to the Legal & Compliance Business Division.
Enlargement of Legal & Compliance Division
In 2016, we continued to develop our Legal & Compliance function. The division’s headcount was increased from 29 to 37 full-time equivalent positions and it was completely reorganised. The LLB Group Legal & Compliance Division now comprises a classical legal department and three specialised compliance departments, i.e. Group Financial Crimes Compliance, Group Regulatory Compliance and Group Tax Compliance. This independent organisational unit supports responsible, business oriented activity and avoids or reduces the danger of compliance risks (see chapter “Regulatory framework and developments”).