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27.01.2021Modern practice of anti-corruption compliance

On January 26, 2021, the Corporate Governance Professional Association (CGPA) held the third online conference in the series “Anti-Corruption Compliance in Ukraine” on the topic “Modern practice of anti-corruption compliance.”

The speakers of the conference shared their experience in implementing compliance policies and principles in companies.

Katya Lysova, Program Manager in the Eurasian Region of the Center for International Private Entrepreneurship (CIPE), presented the new CIPE publication “Strengthening Ethical Conduct & Business Integrity: A Guide for Companies in Emerging Markets”. Katya noted that the Guide summarizes lessons learned from dozens of programs on compliance and business ethics. This Guide provides practical guidance and examples for business leaders to follow, focusing on emerging markets. The Guide helps to understand how such initiatives help companies gain investors and the general public’s trust and help achieve and maintain a competitive advantage.

At the end of her presentation, Katya noted that the main task of collective action on business ethics should be to create equal and fair conditions for doing business. In general, it reduces corruption risks throughout the market.

Svitlana Maslakova, Director of Restructuring and Debt Collection at JSC Ukrsibbank, a former Compliance Officer of the bank, shared with the participants her experience working with the database of incidents, emphasizing how such a database helps in anti-corruption investigations and is a reliable source. S. Maslakova spoke about the structure of the database, the sources of its content, namely the information channels for reporting corruption violations. She also noted that creating an anti-corruption policy is the organization’s responsibility, and the organization itself must take care of its effective implementation. Separately, examples of anti-corruption investigations were cited, in which the base of incidents became very relevant.

Oleg Polishchuk, Director for Prevention of Corruption – Advisor to the President of NNEGC Energoatom, spoke about the anti-corruption compliance system of NNEGC Energoatom, namely the company’s compliance policy, anti-corruption program, code of corporate ethics, monitoring and direct violations and conflicts of interest, communication channels, and systematic work with whistleblowers, an anti-corruption inspection of business partners, etc.

Serhiy Smirnov, Sayenko Kharenko’s partner, spoke about compliance in the law firm and the peculiarities of implementing and adhering to the principles of anti-corruption compliance in the realities of Ukraine. Smirnov stressed why it is essential to implement all the company’s necessary compliance procedures to contribute to better and more efficient work with contractors, especially with regular customers.

The moderator of the discussion, Oleksandr Okuniev, Chairman of the CGPA Management Board, summed up the conference and noted that more and more extensive and often small and medium-sized businesses in Ukraine are trying to introduce best practices of anti-corruption compliance in Ukraine. Proof of this is the constant demand for compliance officer training in the Anti-Corruption Compliance in Business program, which the CGPA has been implementing for the fifth year in a row with the support of CIPE.