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Why is corporate compliance important?

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Non-compliance for corporate governance means failure to comply with the relevant legal framework, and a lack of transparency and fairness towards end-users of products and services, i.e. a lack of business ethics and culture.

Corporate compliance, strong corporate culture and business ethics are prerequisites for the sustainability of each company, regardless of the branch of the economy in which it operates, the development of the market or the country of the company’s origin.

Belgrade got its first Corporate Compliance Association and its goal is to better explain the importance of corporate compliance to as many people as possible and to clarify the role and responsibility for the sustainable operation of this system of both corporations and all its parts to the level of an individual.

The Association is comprised of professionals from different areas of business, who all have the same goal – to define what a compliant business is now, what it should be and how to develop correspondingly.

“Numerous examples of systemic corporate incidents in the world, e.g. in renowned companies such as Google, Facebook or Volkswagen, but also in Serbia, at their core had various forms of corporate non-compliance – disregard of free competition rules, leakage of personal data, unfair business practices, etc. The Business Compliance Association was established to provide support to individuals and organizations to prevent lose-lose situations for both companies and society and to help improve the overall business climate in Serbia through education and necessary resources,” Milos Tanjevic, president of Corporate Compliance Association says.

 

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