Substantiation of a compliance control of socially significant organisations on the institutional theory basis

The issues concerning public welfare and sustainable growth that is possible when economic agents behave conscientiously are currently significant. The main purpose of the present study is to substantiate economically the role and the main points of a compliance control as an institute which aim is to reduce stakeholder's risks and to provide a sustainable growth of socially significant organisations that make a national economy function efficiently. The research is based on a theoretical methodological apparatus of an institutional economic theory, a risk-oriented approach, methods of analysis, systematization and generalization. The novelty of the study is a different view on the concept “a compliance control institute of socially significant organisations” that allows us to estimate the consequences of the low breaking by socially significant organisations that occur in the form of costs growth and risks of agents who are interested in a sustainable and conscientious transaction. The trends and types of the compliance control have been determined. These trends consider a social and economic role of organisations that are being controlled and areas where compliance risks arise. Considering the features of socially significant organisations and their classification we have characterised institutional relations, determined possible conflicts of interest and compliance risks, distinguished the functions of the compliance control institute, revealed the role of an institutional structure of the compliance at three levels (internal, external and public). We have also discovered factors that prevent efficient functioning of the institution. In our research we have proven that the institute of a compliance control is significant to reduce opportunistic behaviour risks that threaten sustainable development of socially significant organisations and their stakeholders. The efficient development of the compliance institute is connected to the need of the state and society to assist in the implementation of functions and mechanism of the enforcement to internal audit and internal control by socially significant organisations. The assessment of the control procedure quality by the socially significant organisations and their opposition to legislation violation risks are also important for the compliance control institute. Further studies will be devoted to the construction of a hierarchy of the compliance control institution with a clear division of control tasks at internal and external levels. Also a set of solutions to increase the efficiency of the implementation of the compliance control functionality will be made.