Financial Crime World

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Compliance Officer Responsibilities Key to Boosting Investor Confidence in Croatia

The importance of compliance officers in Croatian companies was highlighted at a recent roundtable discussion hosted by ICCrA, Lider Business Weekly magazine, and the City of Zagreb. The event aimed to raise awareness about the crucial role these officials play in preventing fraud and ensuring transparency.

Keynote Speakers

  • Victoria J. Taylor, US Deputy Ambassador to Croatia: “Increasing compliance is essential for attracting foreign investment and building trust in the country’s business environment.”
  • Davor Iljkić, ICCrA President: “The first steps have been taken, but the ones that follow will be even more important, but also more difficult.”

Expert Insights

  • Sandra Damijan, Association of Certified Fraud Examiners - Chapter Slovenia: “Compliance officers will face increasing pressures from dynamic regulatory changes, financial crime, and fraud prevention.”
    • The manufacturing and financial sectors are most vulnerable to fraud.
  • Marija Hrebac, State Agency for Deposit Insurance and Bank Resolution: “Compliance” is an evolutionary function that ensures ethical operations in accordance with legal regulations. Compliance officers must possess strong business skills, such as analytical, communication, and organizational abilities.

Panel Discussion

  • Vinko Berković, Business Compliance Officer at Hrvatski Telekom: “Non-compliance not only leads to fines but also reputational damage.”
    • The benefits of compliance include expanding business, attracting new customers, and strengthening corporate culture.
  • Irena Kajganić, Compliance Officer at Siemens: Poor compliance can lead to severe consequences, including heavy fines, exclusion from public tenders, and irreparable damage to reputation.

Moderated Debate

  • Plamenko Barišić, King ICT Chairman: “IT companies often require coordinated business management due to international partnerships.”
  • Drago Kos, OECD Chairman: Compliance officers should be viewed as advisors rather than enforcers.
  • Zdenka Doko, Head of Internal Auditor General Department at the City of Zagreb: The City of Zagreb has committed to ensuring compliance with regulations and introduced an internal control system in 2005 following Croatia’s accession to the European Union.

Conclusion

The event concluded with a statement by Drago Kos emphasizing the need for a convention to prescribe compliance in the public sector, which is often affected by corruption. The panel partners included Autowill, Hilton, Pula Hotel, King ICT, Kraš, and HT.