Portrait of Compliance Officer

You must have heard about the existence of such a position as a compliance officer or a compliance specialist.

Introducing this position in your company is one of the key components of building an effective compliance system.

So what do we think is the ideal portrait of a compliance officer?

• A compliance specialist may have a legal/financial/economic or auditing education.
• He or she subordinates and reports not to the head of a specific department but to the general meeting, the supervisory board or the director.
• He or she does not have extraneous work duties, in particular by combining positions.
• A compliance specialist has its own functionality for key business processes (procurement, selection of key counterparties, internal investigations, etc.).

In addition, in groups of companies, it may be appropriate to appoint a compliance officer in each of the companies in the group.

It is also worth noting that the company must have a sufficient number of people responsible for the compliance system functioning, and their powers and resources must also be sufficient. It is important to correctly distribute responsibilities between the compliance department, legal department, standardization, internal audit, and security departments, as well as clearly distinguish the functionality of each of them.

Does your company have a dedicated person or department responsible for implementing integrity policies?

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