A PART OF STENA'S DNA
Compliance – that is, compliance with laws and regulations – is an important area that affects everyone who works at Stena. It is closely linked to Stena's values and is a part of the company's DNA. There are tremendous benefits in doing the right thing. Through compliance, both competitive advantages and professional pride are created among employees.
Compliance concerns both the applicable laws and regulations, as well as the policies that Stena establishes to comply with them. In recent years there have been an almost explosive development in terms of new laws and directives, as well as strengthening those that already exist. Much is about new EU directives, such as the GDPR and financial regulations. “Compliance affects everyone who works at Stena, regardless of their position,” says Anders Wallin, Group Compliance Manager for Stena AB. “That’s why it’s important to establish a culture that enables us to comply with all the new laws and regulations. We do this in such a way that it doesn’t become arduous additional work, but rather something that we can benefit from.”
CONTRIBUTES TO GOOD BUSINESS OPERATIONS
There are many reasons why it is important to work with compliance. First and foremost, it is about the company’s integrity, good reputation and trust among customers. A good culture of compliance also contributes to professional pride and good customer relations, which in itself is the basis for the success of doing business.
“If you read Dan’s White Book, you see that there is a strong connection to what is written there and this area,” Anders Wallin points out.
Poor compliance also entails a risk of fines and other legal sanctions. In recent years, there has been a sharp rise both in terms of fines and review for verification of compliance. An example of this is the GDPR.
“Companies that have violated the GDPR have had to pay penalties ranging from 5,000 euros up to 300 million euros,” says Anders Wallin. “Next year, a new consumer law will go into effect with fines set at a maximum of 4 percent of the revenue and with the general level for business fines in Sweden increasing from 10 to 500 million Swedish crowns. This indicates a clear trend in creating strong incentives for lasting change.”
COMPLIANCE PROGRAM IN THE WORKS AT STENA
To be able to comply with laws and directives within Stena’s various business areas, there are a number of policies that set out principles and focus for compliance. Based on these, concrete processes and instructions can then be prepared. Anders Wallin and his colleagues are currently establishing a compliance program that will facilitate the implementation of new laws and directives.
“The program will make everything much more visual and it will be easy to show which requirements are included as well as the steps to be followed,” says Anders Wallin. “It entails both a form of quality control and assurance that we’re doing the right things, and it also saves time. We also need to work more with our policies so that they become even more relatable to what we do and become more easily accessible, with searchable documents where you can quickly find answers to questions that might come up in your day-to-day work. Working together, we believe that these measures will make the compliance area an even more natural and integrated part of the business.”
TWO EMPLOYEES AT STENA – WHY IT’S IMPORTANT TO WORK WITH COMPLIANCE
Erik Ronsberg, CEO Stena Drilling
“It is hugely important for Stena Drilling to be a workplace that values integrity and ethical conduct. In my opinion, a solid compliance culture builds integrity and respect. On the other hand, poor compliance can result in fines, lawsuits, loss of reputation and more. The commitment to promoting effective compliance programmes in each Business Area within the Stena Sphere, contributes to the integrity and reputation of the overall Stena reputation and brand.”
Wiebke Jensen, Data Protection Officer, Stena Line
“Compliance with legislations may feel like a tough task in the beginning, but when it gets a part of all our everyday routine, it is possible to become a culture. In Stena Line, we strive for providing our customers and employees with a high degree of protection of their personal data. Our credibility and reliability should be one reason why our customers have us as their first choice.”
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