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From the introduction in 2019 to its use in a globally networked and complex organization: TRUMPF has achieved rapid success with the help of Impero and benefits from modern risk management combined with digital compliance.
"Impero is an easy, smart, and simple tool, which everybody can work with. From the person who sets up the control to the person who completes the control-it's an easy way to work."
From workshop to high-tech company. In 1923, the German manufacturing company TRUMPF was founded as a series of smaller mechanical workshops. Today, TRUMPF produces machine tools and lasers for industrial manufacturing and also provides B2B customized Smart Factory solutions.
TRUMPF is a market leader in machine tools, laser technology, and electronics for industrial applications. With nearly 100 years of experience, TRUMPF has demonstrated the ability to create long-term value for its customers and to keep developing effective tools, laser technology, and software services to stay ahead of
competition.
With 70 offices around Europe, the Americas, and Asia, TRUMPF is an international company, meaning it must adhere to both national and internal regulations. Therefore, TRUMPF introduced a global compliance program that all employees must follow.
Kevin Habermann, Tax Manager, TRUMPF
Prior to implementing Impero, the TRUMPF organization worked with numerous spreadsheets as well as individual emails. For Kevin Habermann, Tax Manager at TRUMPF, there were many repetitive tasks, which were time-consuming and inefficient for himself and his colleagues. Having identified over 1,200 risks only within tax compliance management, Kevin Habermann and his team quickly saw a need for an effective Tax Compliance Management System (Tax CMS).
When introduced to the Tax department at TRUMPF, Impero’s easy-to-use compliance platform was a clear choice and the best solution for optimizing TRUMPF’s Tax CMS.
Further, within the field of tax, taxpaying companies with operations in any of the EU states are bound by the Mandatory Disclosure Regimen (MDR). Therefore, TRUMPF and especially Kevin Habermann and his team must continuously assess control and risk activities and determine what to report and to whom.
These mandatory reports are managed in the Impero platform, which provides proper documentation from all subsidiaries and international offices to relevant stakeholders. Further, this supports the global compliance program and good compliance culture throughout the organization.
The process of finding a suitable solution did not take long, and when Kevin Habermann and his team were introduced to Impero by KPMG Germany, they saw a simple and trackable solution, which provided proper documentation and reporting.
Kevin Habermann quickly discovered Impero’s signature – the ease of use. Based on the stagging number of risks within the tax department, it was nearly impossible to have a clear overview of what needed to be addressed. Therefore, Kevin and his team quickly began setting up controls and workflows using Impero’s drag’n drop-builder.
For Kevin Habermann, Impero has all the features needed to demonstrate to top management that effective compliance management is in place across an organization. Top management and external stakeholders can easily be granted view access to relevant entities in Impero and always have relevant documentation and reliable reporting readily available. He sees the platform as a powerful tool in which any given task, control or risk can be customized, performed, and documented.
Today, Kevin Habermann has seen the benefits of Impero, and he says that workflows are now easy to work with. Due to this, TRUMPF is saving money and manpower. He continues that Impero lets users have an instant overview of real-time data and keeps team members aligned within the organization.
The tax department is now able to assign risks and mitigating actions locally and see the aggregated risk in Impero across the entire firm, based on whether mitigating actions have been performed or not. All controls in Impero are trackable in the activity log and with a complete audit trail.
Instead of sending out individual emails and controls to offices across the world, Impero sends out one control that is distributed to all relevant control contributors. It is a simple process:
1. Each control is designed with the drag’n drop-builder in Impero and clearly describes the exact documentation needed for compliant performance
2. Frequency and contributors are set for the control and from there e-mails and reminders are automated
3. All submissions and the attached documentation are then automatically stored in the platform
4. From his browser, Kevin Habermann has an overview available in Impero’s dashboard and can deep-dive into the status of each control
For Kevin Habermann and his colleagues who submit controls and documentation, Impero is user-friendly and has a good look and feel on all devices.
Today, Impero plays a key role in securing compliant and efficient workflows within the compliance management functions in TRUMPF.
Patrick Kinzelmann, Risk & ISC Manager at TRUMPF, predicts that Impero will be known in all of TRUMPF within five years. According to him, the roll-out of Impero is driven by the user-friendliness of the platform and by how much time and money has been saved with Impero.
According to Patrick Kinzelmann, the modernization of tax compliance management at TRUMPF is catalyzed by Impero. After a short and easy implementation in the tax department, other departments saw the effectiveness of the platform, and Impero is now implemented across functions such as Group Risk Management, Tax, Legal, Business Continuity Management, Information Security, Data Security, and External Trade/Customs.
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