Need for Compliance, or How to Get your Business Protected while Dealing with the Authorities

Olga Shenk

It is no secret that in Ukraine dealing with all kinds of regulatory and/or enforcement authorities is simply part of doing business. Requests for documents or information from the authorities or visits of their officials, expected or unexpected, cannot be avoided and are always associated with lower or higher risk of negative consequences for a particular company.

Control over interactions with the authorities is an extremely serious matter, which should be specifically addressed in each company’s security strategy, since uncontrolled actions of the company’s employees can be crucially harmful for the whole business. It can so happen, for instance, that an employee provides the authorities incomplete or inaccurate information regarding the company’s business, or discloses commercial secrets without any legal ground, or even tries to bribe a visiting official.