Answers to the most common questions about compliance as part of our special project together with AIN.UA.
Today is Friday, which means that we will be answering common questions about compliance as part of our special project together with AIN.UA.
Last week we talked about what compliance is. We've noticed that business representatives often ask the question: Is it really that hard to simply comply with the law? Or does this require a separate definition - "compliance" - and even a separate specialist?
Let's try to answer.
International and national legal norms and standards have deepened and become so complicated that it is difficult for ordinary employees to follow their changes and comply with the requirements. Therefore, special attention should be paid to this, using a systematic approach.
In addition, there are informal ethical issues that are not in the legislation, but they create problems and risks for the company's reputation in the future. For example, using personal connections when receiving a position, buying production equipment from a good friend without any checks on his or her business reputation, or other cases of favouritism due to family and personal relationships. During martial law, questions may arise as to whether counterparties are affiliated with the aggressor country.
As you know, a company can lose its reputation just because of one post on the network from the CEO of the company, and it is very difficult, or almost impossible, to restore it. Therefore, compliance provides a systematic approach to preventing cases of violations of legislation and ethical norms.
At the same time, the compliance officer does not monitor changes in legislation (there are separate specialists for this), he identifies possible risks that the business may face in various areas: from working with people to cyber protection, compliance with human rights, reputational risks, etc.
More detailed answers to all questions about compliance in a special project with AIN: https://bit.ly/3TmTR0r