The Future of Compliance in Emerging Markets

Welcome to Episode 8 of Compliance Man Chooses the Target with Tim Khasanov-Batirov. The goal is to highlight matters that should be on agenda of practitioners that deploy compliance programs in industries or countries of active anticorruption enforcement. Today we will focus on future of compliance in the reality of emerging markets. Target #1: What is Compliance? During last ten years, Compliance Man has been witnessing interesting phenomena. Compliance became a popular concept in business and legal communities. Many countries have adopted laws, which deploy compliance philosophy. Many corporations have huge compliance departments. In the very same time, there is no universally acknowledged methodology what to consider compliance system or compliance as such. This problem extends far beyond borders of emerging markets being a global challenge for professional community. Compliance as professional occupation has to pass certain stages of development like internal audit did in early 2000s in order to form universally recognized standards. Target #2: Next Generation of Compliance Professionals Based on what we have discussed earlier on we came to another challenge, which is preparation of new generation of compliance professionals. Let’s take the following example. When employer hires a graduate from a law or medical school, he/she has a clue what knowledge and skills a graduate has. In case of hiring a young compliance professional, it is impossible to evaluate his/her academic proficiency as there are so many courses, trainings, academic programs which might not share even very basic compliance methodical approaches.      Target #3: Think Globally Act Locally? Implementation of corporate anticorruption program in the reality of emerging markets requires necessity to address both local legislation and extraterritorial laws as for instance UKBA and FCPA. Big multinationals also have piles of internal ethical rules to be deployed at their subsidiaries internationally. In addition, as previously mentioned we have been witnessing a boom of local compliance initiatives and sometimes new laws which companies have to follow as well. As a result, compliance officer faces the necessity to implement many requirements, which sometime might contradict to each other. This situation is depicted in one of the releases of Compliance Man illustrated series http://complianceinpostussr.com/compliance-man-of-integrity-corp-episode-4-it-is-about-tailoring/ To be effective and in order not to get lost in various laws, ethical concepts and compliance philosophies it is right time for professional community to agree on basic principles of corporate compliance system, which will be acknowledged as minimal standards by practitioners worldwide.        Join me for the next episode of Compliance Man Chooses the Target with Tim Khasanov-Batirov. Learn more compliance tips from Tim Khasanov-Batirov at: http://complianceinpostussr.com/& http://complianceinpostussr.com/blog/ Learn more about your ad choices. Visit megaphone.fm/adchoices