UNIC introduces participants of the educational program “Management of Small and Medium-Sized Businesses: From Start to Sustainable Development” to the practical implementation of compliance policies

At the invitation of the Professional Association of Corporate Governance (PACU), UNIC acquainted participants of the educational program "Management of Small and Medium-Sized Businesses: From Start to Sustainable Development" with the practical implementation of compliance policies.

Antonina Prudko, Head of the UNIC Secretariat, elaborated on the fundamental principles of compliance and underscored the importance of integrating ethical policies through examples of companies that suffered adverse consequences due to inadequate attention to ethical standards in their business management. These examples included well-known cases like Telia Co, Cases Affinia Group, Danske Bank, Petro Trade Services, and many others.

Our presentation focused on the effectiveness of compliance systems and why they have become a prevailing trend today. Here are a few key takeaways:

• International Regulations (FCPA, UKBA, Sapin II): These international standards serve as various benchmarks in determining and mitigating the risk of penalties.
• Internal Controls: Compliance is an integral component of internal control systems and ensures their efficiency.
• A Program as an Indicator of Resilience: Having a compliance program speaks to a company's stability and readiness for business.
• Sought After by International Counterparties: Most international partners, creditors, and investors require the presence of a compliance system.
• International Trade and Cross-Border Operations: Compliance has become critical for companies engaged in international trade and cross-border operations in industries like IT/E-commerce, pharmaceuticals, FinTech, and more.

In summary, an effective compliance system will reduce your company's legal liability and secure its business stability.

We extend our gratitude to PACU for the invitation and the opportunity to share this important information with program participants. We believe that compliance is the key to a successful business in the modern world. If you have questions or wish to learn more, please don't hesitate to contact us at info@unic.org.ua.