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European Business Association and International Compliance Association ‘Compliance and Corporate Ethics’ benchmark identifies trends between Ukraine and the UK



The European Business Association (EBA) and ICA – part of Wilmington plc, have completed a survey that benchmarks the development of corporate culture, compliance, and business ethics in Ukraine and the United Kingdom, to identify common trends, tendencies, and differences. 

The survey conducted jointly with Vasil Kisil & Partners Law Firm in Ukraine, sampled responses from 157 CEOs, lawyers, HRs, and compliance officers of the EBA member companies, and 95 compliance officers of the ICA network between April 12 to April 28, 2021. 

The results assessed a general level of adherence to compliance among the business community, and an average estimate of business compliance maturity was established based on eight criteria including: company procedures, compliance risk and controls, senior management’s adherence to compliance practices, due diligence verification, communication of compliance policies, compliance monitoring and auditing, authority and resources given to compliance officers and whistleblowing procedure.  

Assessment of business compliance maturity for the criteria outlined by the business community of Ukraine was confirmed as 4.25 out of a possible 5, compared with the UK which scored an index of 4.38.  When it came to a general level of adherence to compliance Ukraine scored 3.15 out of 5 compared with the UK’s higher index of 4.08.

In Ukraine, 43% of respondents rated the general level of adherence to compliance among their network of business community as ‘average’, while 26% rated it as ‘high’ and 7% ‘very high’.   Almost half (49%) ‘agreed’ and 29% ‘strongly agreed’ that compliance risk and controls in the company they worked for are effectively assessed on a regular and ongoing basis.  42% of respondents confirmed external advisors are involved in tailoring their compliance and ethics program and/or conducting internal investigations.

Looking at the UK, the sample had a stronger bias towards the banking and finance industries (56% of respondents compared with 12% in Ukraine).  Here, the level of adherence to compliance was judged as ‘high’ by 43% with 23% suggesting adherence was ‘very high’, while 17% felt it was ‘average’.

More than half (58%) of UK respondents ‘strongly agreed’ and 30% ‘agreed’ that compliance risk and controls in their organisation are effectively assessed on a regular and ongoing basis, while only 4% disagreed.

The survey also demonstrates insight in relation to size of a company in Ukraine and its level of compliance development.  Small companies ranked their level of compliance development the highest, with large companies second, and the medium sized companies third.  At the same time, the level of compliance development in international companies was significantly higher than in the locally based organisations.

Anna Derevyanko EBA Executive Director commented: “The Index showed that the EBA member companies have a sufficient level of adherence to compliance principles, but it is clear there is still more work we can achieve. Compliance development, training and the introduction of best practices to the local business community will pave the way towards greater transparency in the system and support firms in achieving sufficient levels of adherence to key compliance principles.”

Jonathan Bowdler, Global Lead: Postgraduate Qualifications, International Compliance Association confirms: “Compliance is an evolving landscape. Being prepared for the unknown, and understanding that the biggest regulatory risks often stem from human behaviour, is key to developing robust risk management strategies, regardless of geographical location.  To make improvements through education, it is essential to be able to evaluate the current situation and the ICA have been pleased to be part of this benchmarking study to assess the level of adherence within both the UK and Ukraine markets. We look forward to using this information in real-world applications with students on our international compliance courses.”

Respondents were sampled from a range of industries including banking and finance, FMCG, healthcare, fuel and energy, and logistics. 

To request a copy of the full survey results please email icainfo@int-comp.org.

For more information about European Business Association visit https://eba.com.ua/en/about-us/ or for more details regarding ICA, visit https://www.int-comp.org/ or follow the organisation on Twitter: https://twitter.com/intcompassoc.

 

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