Principles of Compliance Policy creation

04 february, 2023

A compliance system consists of many elements, so it is useful for businesses to know exactly what they need to pay attention to when implementing integrity policies. The most important document is the compliance policy, which defines the basic principles of conducting ethical business in the company. Today we want to talk about the key characteristics of building internal compliance processes and familiarizing employees with them.

The basic principles of creating a compliance policy:

  • uniform standards;
  • systematicity;
  • risk management;
  • availability of practical examples of behaviour;
  • objectivity;
  • prevention - detection of violations - reaction;
  • the simplicity of writing language and accessibility;
  • responsibility for non-compliance with the policy.

Other internal documents regulating specific business processes should be developed based on the compliance policy. At the same time, all internal documents must be developed taking into account the specifics of the company's business and its risks, as well as being easy to understand and accessible to all employees.

For multinational companies, both global policies (providing uniform standards, taking into extraterritorial account legislation) and local procedures (based on consistent standards, but taking into account local requirements and restrictions) should be developed.

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