The role of compliance in business recovery
The reconstruction of Ukraine is not only about returning to its pre-war state but also about its full development and integration into the global community based on sustainable development. The private sector will play an important role in supporting the transparent country’s rebuilding and ensuring business integrity principles. And compliance plays an important role in ensuring business integrity, helping to create a favorable business environment, reducing the risks of illegal activities, and enhancing the trust and reputation of the enterprise. Therefore, compliance is an essential success factor for developing Ukrainian businesses.
We bring to your attention the benefits of compliance systems implementation by companies, which UNIC prepared as part of the Roadmap of Transformation for Transparent Reconstruction of Ukraine, specifically for the Recovery Ukraine Conference in London.
Implementing compliance helps businesses to strengthen their work in the following areas:
- Legal compliance.
Compliance with legal requirements is the foundation of successful recovery operations. Compliance helps businesses comply with legal rules, regulations, and government requirements, which creates a sustainable and secure environment for development.
- Risk-oriented approach.
Compliance helps to identify and assess the risks associated with business recovery during wartime. This helps to make informed decisions and develop strategies to mitigate risks and ensure sustainable development.
- Ethical standards.
Compliance promotes the development and adherence to ethical norms and standards in business. This builds trust among consumers, partners, and other stakeholders, which is important for reputation recovery and attracting investment.
- Internal control and audit.
Compliance involves implementing internal control and audit systems that help identify and prevent possible violations, corruption, and other negative phenomena. This helps to ensure effective and transparent business management.
For more information, see https://bit.ly/3XwXu6X
