We continue to tell you about various aspects of implementing compliance. One of the important elements of integrity in business is interaction with counterparties and partners

We continue to tell you about various aspects of implementing compliance. One of the important elements of integrity in business is interaction with counterparties and partners.

Today we propose to consider the issue of partner audits. What should you pay attention to first of all?

1. Contracts with counterparties should provide the possibility of checking correspondence with the latest requirements provided in compliance clauses and requirements in accordance with compliance rules, in respect of which the counterparty undertook obligations during the establishment of contractual relations. In the case of negative results of the counterparty inspection, the company should be ready to demand the application of corrective and preventive measures (if possible) or even to terminate cooperation.

2. Today, there are already special programs for certifying companies to comply with requirements and standards in the field of compliance. But it should be remembered that during certification, the company must implement certain standards and practices not so much for obtaining the certificate itself, but for the actual implementation of effective tools for detecting, preventing and responding to possible compliance risks. At the same time, it is very important to take into account the specifics of the industry, business, corporate culture and history of a particular company. That is why the establishment of compliance systems should serve the important purpose of conducting business ethically and transparently.

We wish you good luck!

Detailed instructions for business "Basic principles of risk identification and their minimization" at the link:  http://bit.ly/3lu1w0D