What transformations does Ukrainian business need today in terms of compliance?

Rebuilding Ukraine and achieving sustainable development requires multilateral efforts, political will, and international support. Compliance plays a critical role in this process, as it helps to create stability, uphold the citizens’ rights and freedoms and enhance the reputation of Ukrainian businesses on the way to attracting foreign investors and entering foreign markets. Its implementation requires a holistic approach and affects all business aspects.

Below is a list of necessary changes for companies to implement compliance and follow all aspects of responsible business conduct, which should be started today:

• Compliance culture development. Compliance culture and ethical standards, starting from the top management level in every process, should be the foundation of every company. It is important for leaders to set an example of responsible behavior and actively support compliance initiatives.
• Development of internal policies and procedures. Companies should develop and implement internal policies and procedures that comply with the law and regulatory requirements. These documents should be made available to all employees and regularly updated to reflect changes in legislation.
• Education and training. Companies should conduct systematic training programs for their employees on compliance issues. This may include training, seminars, online courses, etc. These trainings should include information on internal policies, procedures, ethical standards, and legal requirements.
• Audit and monitoring. Regular audits and monitoring activities to verify compliance policies and procedures will help the company identify possible violations and shortcomings in the compliance system and correct them on time.
•  Interaction with regulators. Companies should maintain active interaction with regulators and comply with their requirements. It is important to monitor legislation and regulatory requirements changes and adapt compliance policies and procedures accordingly.
• Implementation of compliance technologies. Using specialized software and other technological solutions can greatly facilitate compliance control and monitoring processes. These may include automatic data analysis systems, electronic reporting, fraud detection systems, etc.
• Strengthen responsibility and reward. Companies should ensure accountability for compliance and incorporate this aspect into employee performance appraisals. Additional incentives and rewards can encourage employees to follow high compliance.
• Implementation of ethical leadership. Compliance officers and managers should demonstrate ethical leadership and set ethical standards within the company. This includes honesty, integrity, responsibility, and respect culture for rules and regulations.

For more information on the necessary transformations for the transparent reconstruction of Ukraine, please follow the link:  https://bit.ly/3XwXu6X