Croatia’s Compliance Officers Take Center Stage
Executive Director at Deposit Insurance and Bank Resolution Agency Weighs In on Roles and Duties
Yesterday, the ICCrA Institute for Compliance, Criminal Compliance and Anti-Money Laundering and Lider hosted a Round Table discussion titled “Compliance Officer - Roles and Duties”. During the event, Marija Hrebac, Executive Director at the Deposit Insurance and Bank Resolution Agency, took to the stage to share her insights on the role of compliance officers in Croatian companies.
Compliance is Essential for Long-Term Success
As Croatia’s business landscape continues to evolve, Hrebac emphasized that compliance is an essential function for companies seeking long-term success. “Compliance is an evolutionary and developmentally imposed role or function within a company,” she said. “It must be had if the company wants to operate in the long run.”
Developments in Croatia’s Compliance Landscape
Hrebac highlighted two significant developments in Croatia’s compliance landscape:
- The government’s proposal to introduce compliance into state-owned companies
- The adoption of a corporate governance code by HANFA and the stock market
The executive director noted that these moves demonstrate a growing recognition of the importance of compliance, not just for individual businesses but also for the broader market.
Duties and Responsibilities of Compliance Officers
Hrebac then turned her attention to the duties and responsibilities of compliance officers, emphasizing their crucial role in ensuring ethical operations and adherence to legal requirements. She stressed that compliance officers must establish and implement standards within their companies, and that their position is inherently management-focused.
Skills Required for Compliance Officers
When it comes to skills, Hrebac believes that compliance officers should possess a combination of:
- Analytical abilities
- Communication skills
- Organizational abilities
However, she also emphasized that the profession itself is not as important as one might think, as compliance officers can come from a variety of backgrounds - including economics, law, or pharmacy.
No Standardized Rules for Compliance Officers
Ultimately, Hrebac left it up to individual companies to determine which individuals are best suited for the role of compliance officer, stating, “There are no rules; it’s up to each company to evaluate which person is capable of being a compliance officer.”