Corporate Compliance: Control or Functional Management?
The sustainable development goals are increasingly recognized by Russian companies as necessary for the prospects of economic growth of business. Compliance plays an important role in achieving them. Its integration into the organization management system should become the norm, a corporate value, regardless of the organizational and legal form and type of economic activity. For industries with a high regulatory burden, compliance should have the status of mandatory. In such a situation, it is important to understand the essence of compliance at the corporate level, its goals, objectives, areas and conditions of application. It must be admitted that in business environment compliance is interpreted too narrowly: as a self-control of the organization over compliance with regulatory acts or as a system of organizational, legal and corporate measures to prevent the occurrence of violations of antimonopoly legislation, to ensure compliance of the company activities with the mandatory requirements established by the current legislation. The reality is that the compliance functionality implemented in the management system of many Russian companies consists precisely of the control function implementation. However, today it is already obvious that it needs to be transformed into a kind of functional management - compliance management.