Abstract: Compliance is an important part of an organization’s corporate governance system, which begins at the top management level and is broadcast at all business levels. The creation of a compliance system for any organization is based on the Basel principles, which in turn are based on the responsibility of direct managers for organizing an effective compliance function, developing and implementing a compliance program or compliance policy, and creating an independent effective compliance service. The overall goal of implementing the compliance system in any organization is to protect the interests of its beneficial owners and top management of the company, as well as its employees and business counterparties, from any possible compliance risks. The introduction of effective mechanisms for adequate assessment and, accordingly, minimization of compliance risk can have a decisive impact on the financial results of any business. The article is devoted to the development of the compliance system as an effective tool for minimizing compliance risk and implementing compliance functions in the process of managing a modern business. The article also discusses aspects of compliance that play a fairly important role in creating an adequate compliance system as an effective and preventive mechanism for internal control in the organization. The goal of research is investigation of the main compliance functions that should be implemented in enterprises.

Special attention had been paid to the areas of business activity that have an increased level of compliance risk. It singled out general measures that need to be implemented when implementing the compliance function in any organization are highlighted.