Ways of improving compliance measures and implementation of foreign experience into the legislation of ukraine
The purpose of the article is to study relatively new phenomenon of compliance for Ukraine and to identify its priority areas of development that should bring the domestic regulatory framework closer to world practice. Methodology. The presented research was conducted within the ontological framework of post-neoclassical science using historical, comparative, systematic, structural-functional and dialectical methods. These methods allowed to describe the current state of the international legal framework in the field of compliance and to outline the most important areas for implementation of international experience in the legislation of Ukraine. Results. A well-known fact, supported by the vast majority of both scientists and practitioners, is a direct relationship between expected profitability (which is usually embedded in business’ technical and economic performance of) and possible risks when doing business.
The presence of both subjective and objective factors existing in modern conditions in Ukraine should be taken into account when determining such a ratio. Such factors as instability of political situation, corruption risks impact, economic crises, including the impact of the Covid-19 pandemic, devaluation of the national currency and, above all, the war in eastern Ukraine influence on business risks. Such measures as improving of corporate governance culture aimed to provide compliance with generally accepted norms, anti-corruption legislation, rules that are generally accepted in the relevant field of business can reduce such business risks, ensure the stability of business’ activities in the existing conditions and eliminate negative factors. Practical implications. Compliance measures, which have been widely used for a long time by companies of economically developed countries, are beginning to be implemented by domestic business entities in their activities and serve as an important element of integration of Ukrainian companies into the world economy. Value/originality. A mentioned vector of scientific intelligence, specifically the ways of improving compliance measures and implementation of foreign experience in the legislation of Ukraine has not yet received due attention in any profile study on compliance in business field despite its demand in practice, which already has positive experience in developed economies. Emphasizing the importance of compliance for the sustainable development of Ukraine’s economy is very important from the point of existence of such components in the activities of any compliance department as prior consistency of regulations and algorithms aimed to identify, assess and timely avoid identified risks.
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