CHSH is advising OMV on the implementation of a Compliance Management System certified under IDW PS 980

CHSH Cerha Hempel Spiegelfeld Hlawati is advising OMV as the first ATX company to implement a Compliance Management System in accordance with the strict and comprehensive IDW PS 980 standard.

Dr. Clemens Hasenauer

CHSH Cerha Hempel Spiegelfeld Hlawati is advising OMV as the first ATX company to implement a Compliance Management System in accordance with the strict and comprehensive IDW PS 980 standard. This standard covers issues such as anti-corruption, capital markets and anti-trust, as well as trade embargos, and the Compliance Management System was assessed in terms of its adequacy, actual implementation and effectiveness by external auditors in a procedure lasting just under one year.

Auditing standard 980 (IDW PS 980), which was adopted by the Institute of Auditors in Germany (IDW) in April 2011, sets out seven basic elements for a Compliance Management System and provides the framework for a standardised audit. "The audit is the successful conclusion of the development and implementation of our intra-group Compliance Management System. It is further proof that our compliance principles are effective at identifying and averting non-compliance at an early stage and at introducing improvements", said Robert Eichler, OMV Chief Compliance Officer, who has been responsible for overseeing the certification process internally.

Headed by Managing Partner Clemens Hasenauer, the compliance team at CHSH – which comprised various specialists – has provided legal advice regarding the implementation of the Compliance Management System: "We are of course extremely pleased to have advised OMV, which is a pioneer in terms of compliance, during this exciting project", said Hasenauer. In addition to Clemens Hasenauer, Matthias Pusch played a leading role at CHSH, among others.