Compliance Risk Management in Slovakia: A Critical Initiative

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In Slovakia, the Slovak Compliance Circle (SCC) has been working tirelessly to promote ethics, integrity, and compliance in the business environment. The SCC brings together a group of prominent business leaders and experts who share a common goal: to create a culture of ethics and compliance within businesses operating in Slovakia.

Why Ethics and Integrity are Crucial

Emphasis on Adhering to Legal and Regulatory Requirements

Lucia Rosiarová, Head Compliance FCS & Reinsurance Slovakia at Swiss Re, emphasizes the importance of adhering to legal and regulatory requirements in business while also committing to high ethical standards. “Adhering to the applicable legal and regulatory requirements in business is a must,” she notes.

Commitment to High Ethical Standards

Lucia Rosiarová further stresses that it’s not just about following the rules, but also about having a commitment to the highest ethical standards and integrity. “What forms industry leaders, however, is the commitment to the highest ethical standards and integrity.”

Industry Leaders Weigh In

Ethics and Transparency are Essential for Long-term Success

Pavol Adamec, Risk Consuling Executive Director at KPMG Slovensko spol. s r.o., believes that ethics and transparency are essential for long-term success. “As they say, karma is not free,” he notes. “If the business doesn’t answer the question – Who are we and why are we here? – dimension of ethics and transparency, sooner or later it will catch up.”

Integrity, Decency, and Fairness are Key Values

Martin Podkonický, Head Of Legal at Jaguar Land Rover Slovakia s.r.o., emphasizes the importance of values such as integrity, decency, and fairness. “I consider integrity, decency, and fairness to be the most important values,” he notes.

Ethics, Fairness, and Integrity are Crucial in Business

Martin Jacko, Attorney at law and managing partner at Lansky, Ganzger, Jacko & Partner in Bratislava and Prague, notes that even nowadays ethics, fairness, and integrity are crucial values which must not be omitted in business. “My goal is to actively raise the level of business ethics and help to promote international standards of compliance while taking into account legal and cultural specifics of the Slovak business environment.”

Trust is Key

Peter Bianchi, Head of Legal, Compliance & Risk-Management at Volkswagen Slovakia, emphasizes the importance of trust: “Compliance and business ethics cultivates trust between companies and their employees, clients, and other stakeholders. And without trust, there is no business.”

Conclusion

The Slovak Compliance Circle’s efforts aim to promote a culture of ethics and compliance within businesses operating in Slovakia, ultimately contributing to the country’s economic growth and stability. Katarína Bairová, General Secretary of the Board of Directors at the Slovak Compliance Circle, concludes: “Morality and ethics are among the basic human values. I also feel that ethics and compliance should be deeply rooted in corporate culture.”