There is a steady increase in the legal requirements placed on international companies. The same is true of the ethical requirements of society. SIX is expected to respect the rules of legal and regulatory regimes and to ensure its conduct is appropriate. That is more important than ever for the success of our company. The need to live out a compliance culture and to respect and comply with laws, regulations, directives and local requirements therefore goes without saying for us.
Compliance is positioned as a second line of defence at SIX. The aim is to avoid risks, or at least to identify them at an early stage. Compliance thereby helps the company to avoid sanctions, financial loss or damage to its reputation.
Legal & Compliance at SIX is headed up by the Chief Risk Officer. Compliance is independent of the income-generating business activities of SIX. It advises the Group Executive Board, the Group companies and their organizational units, and employees. Compliance assists them in adhering to legal, regulatory and internal rules and in ensuring proper conduct of business activities.
Compliance Management Process
A compliance risk is the risk of sanctions, financial loss or reputational damage. This may be because of a breach of legal and regulatory requirements, internal rules and directives or standards.
Key legal and regulatory risks are:
- data protection and compliance with special legal professional secrecy obligations
- the combating of money laundering and of the financing of terrorism
- the implementation of embargoes
- corruption and the handling of conflicts of interest
- outsourcing regulations
- reporting obligations for employees with regard to trading on own account
Monitoring and Training
Within its area of competence, Compliance provides training and carries out monitoring work. Its monitoring activities serve to identify compliance risks and to keep a constant check on the compliance culture within the organization. In addition, Compliance instructs employees on various compliance topics and gives them training on SIX-internal rules.
Compliance submits regular reports to the Group Executive Board and to the Risk Committee of the Board of Directors. It reports on the current compliance risk situation at SIX and on the work of the Compliance department.