Compliance as a Tool for Ensuring the Economic Security of an Organization: Problems and Prospects of Application

Abstract

Compliance is applicable in any organization and acts as one of the modern types of control, during which the compliance of the organization's activities with the norms of national legislation is monitored. This tool provides real protection against corruption, conflict of interest, and contains in its arsenal a whole range of elements that can be implemented in the organization's economic security system. Compliance allows you to identify the risks of the organization's functioning at the early stages of manifestation and prevent the application of sanctions by regulatory authorities, and subsequently prevent economic damage. The authors present approaches to the definition of the term, types of compliance, and a comparative analysis of compliance with other types of control, confirming its uniqueness. According to the authors, one of the disadvantages in the development of compliance is its reduction to a set of formal management standards and procedures. The authors concluded that this is not just an element of corporate governance, but also an effective way to prevent corruption crimes. The prospects of using this tool in modern conditions of global instability and the development of digital management methods are considered.