Compliance has been one of the key areas in the work of business in recent years. And its role will only increase in the near future, believes Yusif Jabbarov, CEO of NEQSOL Holding. He encourages the owners and top managers of companies to keep up to speed. Moreover, he recently shared his vision of five key compliance trends, since ‘a proper understanding of the situation will maximize the benefits.’
Jabbarov names ethical leadership as one of the five key compliance trends and emphasizes that a leader shall show by example what it is and why it is needed. “Lead by example – the best advice for effective compliance in a company,” says the CEO of NEQSOL Holding, an international group of companies which works in 9 countries in energy, telecom, hi-tech and construction materials markets.
“The principle of ethical leadership was the leitmotif of all panel discussions at the recent conference on ethics and compliance in Amsterdam, organized by the Society of Corporate Compliance and Ethics (SCCE). If leaders cannot explain to employees why it is important to adhere to ethics and compliance principles, it will be very difficult to apply these principles in the company. You can prescribe thousands of procedures, policies, and standards and send them out by e-mail to every employee, but if the leader himself does not show by example what it is and why it is needed, then the result will be zero. Lead by example – the best advice for effective compliance in a company.
One of our first initiatives in building a compliance system was to create a hotline. Our compliance managers encouraged employees to call for various reasons – clarification of an employment contract, violation of personal rights, suspicion of breach of tender procedures, etc. This is how trust is born and employees feel that compliance concerns everyone. Moreover, if people really are valued in a company, if there is a culture of staff development, then employees themselves want to learn how to do their jobs ethically and in accordance with compliance standards. All of this adds to the company’s vitality overall,” says Yusif Jabbarov, CEO of NEQSOL Holding.
