Problems of Formation of Compliance in Russia

The integration of Russian companies in the global economy requires compliance with the requirements of good corporate governance. There are included but not limited the compliance with established anti-corruption laws, norms and rules. Such mechanisms are developing quite intensively in Russia: the legal foundations are studied, the components of the compliance system are identified. The compliance is most widely developed in the banking sector and medicine. There are required procedures implemented poorly in domestic corporations due to the lack of mandatory legislative requirements. Domestic companies operating in international markets are guided by the laws of the respective countries, mainly the USA, Great Britain and France. Unified requirements for systems and mechanisms for verifying compliance with current standards are not developed in domestic practice, which contributes to a different interpretation of the existing provisions of the Central Bank and international rules. The study goal is to identify priority areas for the compliance development in Russia, bringing the domestic regulatory framework closer to world practice. The paper shows that Russian corporations use a large number of internal regulatory documents in their practice, many of which differ mainly by their names. Direct adherence to international standards is not possible due to differences in the requirements of domestic and foreign legislation. To accelerate the adaptation of domestic companies to the world practice of good corporate governance, it is necessary to develop national formats, the structure of a compliance system and a list of basic internal paperworks. There are shown the importance and development directions of the Russian national regulatory framework. These research materials may be useful to corporate governance specialists, reactionaries, and corporate executives.

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