Every company in Ukraine today is adapting to an entirely new business environment where the priority is the safety of people, the flexibility of processes, and the management of risks related to complications in terms of strategic horizons and operational tasks.
During the war, the compliance function in Ukraine acquires particular importance because the range of areas of work can expand significantly. It is not only the fight against corruption, a matter of ethics or reputation, but also anti-monopoly measures, strengthening sanctions under the legislation adopted as a result of the aggression of the russian federation.
Yuriy Voitsytskyi, Head of the Compliance Service of the GTSOU, took part in the webinar of the All-Ukrainian Virtue and Compliance Network UNIC, “Prioritization of compliance tasks during the war.” Representatives of the Ukrainian market’s leading companies shared their experience in ensuring business stability during the war, risk control, and planning. One of the topics was sanctions compliance and cooperation with counterparties.
“The Gas TSO of Ukraine monitors legislative changes and integrates them into the company’s processes. We introduced sanctions compliance even before the war and carefully checked our counterparties. We can say that with the adoption of the new legislation, our toolkit has expanded significantly because the russian trace is no longer just reputational risks but criminal ones. We built a compliance function that would meet global trends: synchronization of Ukrainian sanctions legislation with American and European ones will make domestic companies more attractive for investment, optimize costs and make compliance controls more efficient. Today, anti-corruption legislation, international sanctions regulation, measures to combat money laundering, and the financing of terrorism (compliance requirements) have become of central importance throughout the world,” – Yuriy Voytsytskyi said during his speech.
The webinar participants focused on the fact that system compliance provides fundamental changes in the country. Let’s take the example of the company: understanding the importance of this function means a synergy of efforts that stimulate development and lead to high results, which means it gives added value to the company itself.