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Croatia’s Compliance Officer Role Gains Momentum as Companies Embrace Ethical Conduct

In a recent Round Table discussion on “Compliance Officer - Roles and Duties” organized by ICCrA Institute for Compliance, Criminal Compliance and Anti-Money Laundering and Lider, Marija Hrebac, Executive Director at the Deposit Insurance and Bank Resolution Agency, shed light on the importance of compliance officers in Croatian companies.

The Importance of Compliance Officers

As a young market, Croatia’s corporate landscape is still adapting to the concept of compliance, but experts predict that it will eventually take center stage. According to Hrebac, “Compliance is an evolutionary and developmentally imposed role or function within a company that must be had if the company wants to operate in the long run.”

Recent Developments

Notable developments have recently taken place, signaling significant progress in Croatia’s compliance landscape. The government has proposed introducing compliance into state-owned companies, while the Croatian Financial Services Supervisory Agency (HANFA) and the stock market have adopted a corporate governance code.

  • This move is crucial as it sets a higher standard for all companies to consider their businesses and the markets they operate in.
  • Hrebac emphasized that “Compliance is the link between the business and the market.”

The Role of Compliance Officers

The compliance officer plays a vital role in ensuring ethical conduct and adherence to legal requirements, making them an essential part of company management. Hrebac highlighted the key duties and skills required for a compliance officer:

  • Establish standards
  • Implement procedures
  • Ensure the company operates ethically and in accordance with legal requirements

Ideal Candidate Profile

The ideal candidate should possess analytical, communication, and organizational skills, although Hrebac noted that any professional background can be suitable, including economics, law, or pharmacy.

Conclusion

Ultimately, it is up to each company to assess an individual’s suitability for the role of compliance officer. With Croatia’s compliance landscape evolving rapidly, experts expect companies to prioritize this critical function in the near future.