Leaders Debate Compliance

17 May 2018

The MIM Business School hosted Leaders Debate which covered compliance, one the hottest business topic in Ukraine. Experts discussed why to bother with complying with internal and external rules and regulations and whether it is worthwhile for business. The Compliance Debate was the part of the Business Integrity Week 2018.

Mr. Gagik Nersesyan, partner of the Baker Tilly, Ms. Svitlana Mudrenko, Deputy Head of Compliance of the Naftogaz, Iryna Golovkova, Head of Legal Department of the Acino Pharma Start company, Mr. Andriy Volos, adviser to Eleks, Lesya Kurylko, CFO of the Oriflame Ukraine, Tetiana Kyryk, Compliance Director of the Kyivstar and Olena Isayeva, Risk Management Director of the KPMG Ukraine discussed compliance which is definitely the trend with a serious impact. It is especially important for Ukraine where business environment lack transparency. Ukrainian businesses are in need of practices based on the adherence to not only legislation and regulations but ethical standards as well.

“Integrity and transparency are extremely important for doing business. That’s why we incorporate the related issues into each course we teach,” Dr. Oleksiy Vynogradov, VP of the MIM Business School said. “Our philosophy is enrooted in the idea of assisting businesses to better by improving the environment, promotion of the best practices and highest standards.”

“Compliance techniques in Ukraine require adjustments to meet the legislative and regulatory changes,” Mr. Nersesyan said. “One of the compliance officer objectives is to make those techniques compatible with the local legal and regulatory framework. If we are talking about multinationals, then the in-company by-laws need to be adjusted as well. All those efforts are creating transparency which in its turn generates trust.”

Ms. Iryna Govokova talked about the role of compliance for the Ukrainian companies going global. “Compliance is critical for those businesses which are raising capital or borrow from the international banks. All the rest are cautiously abiding by the law,” she said. “But compliance is a wider concept which includes ethical standards as well.”
Governmental companies are on their way to implement full-scale compliance practices into their activities. Ms. Mudrenko shared her experience in Naftogaz. The government initiated compliance implementation in the company as it works with the international creditors. However, “the phenomenon and culture of compliance are still new and hardly understandable for many Ukrainian businesses,” she mentioned. “Therefore, it is critical for management to support those ideas and practices.”

The Business Integrity Week 2018 is on and it will cover other issues critical for ease of doing business in Ukraine.