Compliance Trends in Russia and the CIS
Insights from the 2019 Compliance Survey
Just like following traffic signs, observing compliance rules is a conscious choice that all of us must make. But, we should never lose sight of the fact that, aside from potential reputational damages and lost profits, non-compliance can potentially pose a threat to the viability of a business itself.
- Any company operating in the CIS market today, or indeed in any jurisdiction, faces a range of business risks that can only be managed directly as part of the compliance process. Stricter domestic and international regulatory oversight as well as reputational risk and the higher price of compliance failures are just a small portion of what’s on management’s agenda.
- The role of the corporate compliance function is expanding year by year. Compliance officers are increasingly taking on multiple roles, such as compliance culture champions, “centers of excellence” for meeting regulatory and policy requirements, business ethics coaches, risk managers, talent scouts, and, finally, the go- to person responsible for efficiently running the compliance function and implementing technology to optimize its work.
- Requirements for compliance officers as well as the operational scope and maturity of a company’s compliance function can vary significantly depending on the company’s core industry.
- Deloitte Forensic has surveyed compliance executives at over 50 companies across various industries and countries to gain greater insight into relevant market trends and help management ensure they’re on the right track when assessing how well their compliance functions are meeting their organizational goals.