By Adam Turteltaub
Sevda Huseynova is the Ethics and Compliance Officer for SOCAR Midstream, a state-owned enterprise (SOE) in Azerbaijan. The company manages the oil and gas export pipelines of the country.
If you think working for an SOE means you don’t have to worry about compliance, she warns you to think again. SOEs still faces risk in a wide range of areas including anticorruption, sanctions, third parties and more.
Investors want to ensure that the company operates up to global standards, which isn’t always easy since compliance is relatively new in Azerbaijan.
SOCAR midstream is up to the task, though, she reports. The company seeks to comply with local laws as well as international standards such as those of the OECD and the UN Convention on Corruption.
To meet its goals, the compliance program is based on the seven elements approach found in most compliance programs and has three tiers addressing prevention, detection and corrective actions.
She advises others working in SOEs to embrace five key strategies:
Gain leadership buy-in and the corresponding tone at the top
Customize the program to the SOE context
Build a strong compliance infrastructure with adequate support
Strengthen third party management
Monitor, measure and improve on a continuous basis
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