prijava
SARAJEVO, June 21 (FENA) - The graduation ceremony of the Business Integrity Initiative, a project organized by the American Chamber of Commerce in Bosnia and Herzegovina, was held yesterday at the Embassy of the United States of America in Bosnia and Herzegovina, and U.S. Ambassador to Bosnia and Herzegovina, Michael Murphy, handed out certificates to representatives of 25 companies whose employees completed the full course of workshops and passed a final examination.
The Business Integrity Initiative is funded by the Center for International Private Enterprise, which is a U.S. non-governmental organization affiliated with the U.S. Chamber of Commerce.
AmCham BiH launched the Business Integrity Initiative in 2022 to fight corruption in business by equipping compliance officers in member companies with the knowledge and skills they need to develop and implement comprehensive compliance programs at their firms.
Participating companies must sign on to a code of conduct that includes respecting all laws, contractual responsibilities, and principles of fair competition; and a commitment not to cooperate with sanctioned individuals or companies.
The project helps companies seeking to attract investors or partners from Europe, the United States, and the world, which often require the ability to comply with the requirements of international partners in terms of laws, compliance, and anti-corruption efforts.
In his remarks, the Ambassador cited a global study by the Association of Certified Fraud Examiners that found that organizations lose five percent of their revenue to fraud and corruption every year, whereas businesses that implement a comprehensive business integrity program can reduce those losses by 50 percent or more.
He highlighted other benefits of business integrity, including enabling companies to attract investment, partnerships, or financing from Western firms and lenders; and helping to recruit and retain a talented workforce. He also stated the importance of this program for citizens.
"Business integrity is good for this country. If corruption continues to be an accepted cost of doing business in BiH, it will kill this country’s economic future. Let me again commend the corporate leaders and graduates represented here today for taking this step to integrate business integrity into your companies. As you transform your companies and ensure that these best practices filter down throughout your local supply chains, together you will have a tangible impact on the broader business climate here," he said.
Nedim Hamzic, the Secretary General of AmCham BiH, explained during his remarks why AmCham BiH launched this program.
"At AmCham BiH, we firmly believe that business integrity serves as a solid foundation for sustainable economic growth and prosperity. It is the backbone of a thriving business community that attracts reputable partners, investors, and customers. By embracing ethical practices, we demonstrate our commitment to fairness, accountability, and responsible business conduct, earning the trust and respect of stakeholders both locally and internationally," he stated.
The event also featured a keynote speech by Ekaterina Lysova, a Program Director from the Center for International Private Enterprise, who closed the event with a call to action.
"Despite the name of this event as the “final” ceremony under the Business Integrity Initiative, I truly hope it is not a final engagement. In fact, this is supposed to be just the very beginning. I hope that all of you who participated in the initiative and will receive certificates today will continue improving your own integrity standards and getting together to demand the same from your partners, both in business (throughout your supply chain) and in the public arena (government leaders and stakeholders)," said Lysova.
(FENA) A. B.
