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Âèïóñê 2 (49)
ÓÄÊ 005.334:658.1
JEL G30, D81, M14, M21
ORCID ID: 0009-0002-6193-1899
DOI https://doi.org/10.17721/tppe.2024.49.3
Bannikov Petro, PhD Student
University of Economics and Law «KROK» (Kyiv)
Sova Oleksandr, PhD Student
University of Economics and Law «KROK» (Kyiv)
COMPLIANCE CONTROL IN MANAGING ECONOMIC AND SOCIAL RISKS OF AN ENTERPRISE
This article aims to identify the role of compliance control in managing the economic and social risks of enterprises within today’s dynamic business environment, which faces new challenges at a global level. The study analyses the current state of compliance policy implementation in domestic enterprises and provides recommendations for integrating compliance control as a risk management tool.
The article highlights key aspects of compliance control, including its ability to prevent risks associated with breaches of corporate ethics, protection of confidential information, adherence to anti-corruption policies, and compliance with international standards. It demonstrates that, unlike traditional risk management, compliance focuses on ensuring adherence to both external and internal regulatory requirements, which helps avoid legal sanctions and financial losses.
An analysis of data on the Composite Leading Indicator (CLI) and the Business Confidence Index (BCI) for selected countries during 2018–2024 reveals general stability in economic expectations, with some fluctuations during the pandemic period. These data are crucial for government and business leaders' decision-making, especially when developing strategies to mitigate economic risks and support businesses in uncertain conditions.
The study also examined the websites of the five largest Ukrainian enterprises across three major economic sectors to assess the development of economic and social risk management systems based on the integration of compliance control and the implementation of comprehensive compliance policies.
The research methodology is based on systematization, comparison, and analysis methods, which are used to generalize existing approaches to compliance control.
The results confirm that compliance not only ensures the legal protection of an enterprise but also helps maintain its reputation, which is a vital intangible asset in a competitive environment. The application of compliance control in domestic enterprises can enhance their investment attractiveness, fostering international collaboration.
Keywords: compliance control, risk management, economic risks, environmental responsibility, social responsibility, social risks, compliance policies.
Full Text: PDF
DOI: https://doi.org/10.17721/tppe.2024.49.3