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The importance of a comprehensive, risk-based approach to compliance

Mujo Vilasevic (mujo.vilasevic@gmail.com; mujo.vilasevic@raiffeisengroup.ba) is Company Secretary & Compliance Officer at Raiffeisen Invest JSC in Bosnia and Herzegovina.

It is fair to say that most of us are accustomed to relying on written laws. Use of “good practices” is also very known, but one cannot conclude that they are primarily depended upon in most cases. In day-to-day business, individuals and corporations prefer to rely on written rules. Not only is this a very practical and stable solution, but it also provides certainty in one’s behavior, which is ultimately part of a collective conscience. So with the wider introduction of the compliance function within organizations—the conscience of the organization itself—it has become very difficult for compliance professionals to provide the basis for certain rules that aren’t based on law, especially when elaborating and explaining their decision-making or opinion-drafting processes.

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