Abstract
In the context of globalization, the company must meet international standards to do business with foreign partners. For the commercial activity to meet the requirements of legality, ethics, transparency, for you to be considered a reliable counterparty, it is necessary to apply compliance. This concept means that an entity complies with the requirements of the law, rules, and standards of doing business. The purpose of the study was to analyze the peculiarities of the application of compliance from a legal point of view, to take into account foreign experience, to investigate how compliance is used in Ukraine. The authors used the system-functional method, formal-legal method, methods of analysis, and synthesis. As a result of the study, it was found that compliance is an essential tool for systematizing and conducting business under the requirements of regulations, internal regulations, ethical requirements. The application of compliance has several functions, among which are the elimination of shortcomings in the enterprise, standardization, maintaining an impeccable business reputation, resolving conflicts of interest, standardizing the behavior of employees, company officials, their interaction with external entities, maintaining corporate culture, and anti-corruption. It was also found that a compliance service such as due diligence is useful in the contractual process and can also be used to forecast economic performance.
Highlights
Compliance, which was a novelty for Ukrainian businesses decades ago, is rapidly becoming an indispensable tool for doing business following the best international standards (Karakashyan, 2020)
A successful compliance check means that your company can be trusted because it meets business standards
Compliance is a kind of filter through which the activities of commercial structures
Summary
Compliance, which was a novelty for Ukrainian businesses decades ago, is rapidly becoming an indispensable tool for doing business following the best international standards (Karakashyan, 2020). Compliance is common practice for leading and regular corporations, companies, enterprises in Europe and the United States. Doing business with foreign companies requires compliance with high standards of activity. In the narrow sense of its application, compliance has become indispensable in the purchase of other people's business, mergers and acquisitions, and other risky transactions involving large capital. The use of compliance is a well-established practice and an issue of investment security, reliability of doing business. The global spread of compliance is due to globalization processes that motivate companies to adhere to international rules and standards to optimize their activities. In Ukraine, compliance is actively implemented through the activities of international
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
