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  • Ukrenergo introduces a compliance risk management system of the European model

    Ukrenergo completed the first stage of the project for the development of the company’s compliance policy in accordance with the standards of the Organisation for Economic Cooperation and Development, constituting a key to the efficient, transparent and responsible operation of public sector enterprises at the international level. The first stage of the Ukrenergo’s project resulted in the GAP-analysis – a study of the strategic differences between the present and the future the company wants to achieve in the course of the development process.

    Compliance is an important corporate governance and control tool that allows preventing and mitigating the risks associated with corruption, conflict of interest, non-compliance with standards, rules or violations of legislation.

    It should be noted that during the latest years, Ukrenergo laid the foundation for anti-corruption activities in internal corporate procedures and policies, while at the end of 2017, the company announced the establishment of a Compliance Office and introduction of the position of a Compliance Officer.

    For Ukrenergo, the implementation of compliant policies constitutes an important part of the transformation from a unitary state enterprise into a modern European transmission system operator (TSO). An independent influential compliance office will ensure the transparency of the company and promote the increased confidence of key stakeholders such as customers, investors, partners and state authorities.

    The concept of Ukrenergo’s Compliance Office is based on the expertise of the leading European operators. The “Big Four” audit company KPMG and consultants from the Belgian company Elia Grid International actively participated in the process of its establishment.

    “Together with Ukrenergo, we develop a compliance policy that will become an effective risk management tool. It will highlight the key values ​​of the company, namely compliance with the requirements of the legislation and operating principles of the European Energy Community, zero corruption tolerance, transparency, observance of the rules of confidentiality and conflict of interest management”, noted Olena Isaieva, Risk Management Director at KPMG Ukraine.

    “Ukrenergo was one of the first state-owned companies that started to build a compliance risk management system and introduced the position of a compliance officer. Our strategic goal is to integrate our power system into the European power system and comply with all ENTSO-E requirements and standards, including transparency of the company’s activities. In this regard, efficient management of compliance risks is a mandatory and necessary prerequisite for the company’s development at the level of European transmission system operators”, said Vsevolod Kovalchuk, CEO of Ukrenergo.

    Ukrenergo is currently holding a competition for the position of a compliance officer who will be responsible for implementing the company’s compliance policy.

    For reference

    KPMG is an international network of independent companies that provide services in the fields of audit, taxation, accounting and financial issues to leading international companies and organisations. The company has been operating in Ukraine since 1992.

    Elia Grid International is a subsidiary of Elia Group, which unites two European transmission system operators Elia System Operator SA/NV (Belgium) and 50 Hertz Transmission (Germany). Elia System Operator SA/NV is an ENTSO-E member and one of the key players in the European energy market. The company promoted numerous initiatives that contributed to the development of an efficient, transparent and fair electricity market in Europe.

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