Building up on previous projects to support member companies in strengthening their corporate governance, AmCham Romania, through the dedicated working group launches The Guidelines on the Role of the Chief Compliance Officer, a set of practical guidelines equally applicable to private and public enterprises.
“In a rapidly changing and complex business environment, one cannot stress enough the importance of implementing sound, relevant corporate governance guidelines. Global corporations are now championing these efforts by creating dedicated internal teams to implement best practices in both private and public sector. Acknowledging this increasing need to access accurate compliance information and best practices, and building on the relevant expertise within the AmCham community, we are pleased to present a practical tool responding to demand. Guidelines on the Role of the Chief Compliance Officer offer support in designing, developing and evaluating a functional compliance framework, that addresses both private and public companies” said Radu Florescu, Vice-President of AmCham Romania and Chair of the AmCham working group on corporate governance.
The Chief Compliance Officer role is defined in the AmCham Guidelines as a support function ensuring that the activity is conducted in accordance with the highest standards of ethics and compliance, based on the general understanding acknowledged at company level that the cost of compliance is lower than that of non-compliance.
The Guidelines offer advice on the most adequate placing of the Compliance Officer within the organizational chart, recommending an upper management position, also ensuring a link between the management and the employees.
According to the AmCham Guidelines, the profile of a compliance professional should comprise previous experience and technical skills allowing the compliance office to have a proper understanding of the legislative implications and an in-depth knowledge of the company activity and related industry. Moreover, digital skills, project management competences, strategic thinking, a proactive attitude and emotional intelligence are recommended skills for a Compliance Officer.
AmCham will promote the recommendations in these Guidelines to the business community and to SOEs through presentations and dedicated discussions and urges member companies to use such resources to align their internal procedures and practices with the current regulations and with the recommendations that are based on best practices in the field.
The AmCham Guidelines series, elaborated to support member companies to implement and observe transparent corporate governance procedures, includes the Guidelines on Conflict of Interests, the Guidelines on Third Party Anti-Corruption Due Diligence, the Guidelines on Anti-Corruption Principles.
On this occasion, AmCham Romania calls for intensified Governmental efforts towards the enforcement of the corporate governance framework for state owned enterprises.