Practical information about the stages of compliance implementation, which can be useful for your company.

Dear friends, today we want to share with you practical information about the stages of compliance implementation, which can be useful for your company.

Often, integrity policies are perceived as something complicated and difficult to implement in reality or require the company's lot of effort. However, in this publication, we want to ruin the myths about the complexity of compliance and share with you the clear steps needed to implement a compliance system in a company from a scratch.

So, where do you need to start:

1. First of all, it is necessary to conduct an external compliance audit of the company's processes, and its internal and external documentation by independent specialists in the field of compliance.
2. Then appoint and establish a compliance officer or independent compliance service. Another option is to delegate compliance functions to the legal department.
3. Implement the developed tools for the elimination/minimization of identified risks.
4. Implement a compliance risk assessment and management system.
5. Systematically train existing and new employees, and key contractors to comply with the rules established by the compliance program.
6. Finally, it is worth regularly monitoring the effectiveness of internal documents on compliance, periodically (at least once a year) to review and update them taking into account changes in legislation, law enforcement practices of state bodies and the emergence of new risks.

We would like to point out that the efforts and implemented steps will definitely yield results, they will protect your company from possible risks and help to increase trust in the company among investors, counterparties and international financial institutions.

Detailed instructions for business "Basic principles of risk identification and their minimization"