Compliance
Compliance management
Compliance is a process that ensures that LITGRID complies with and implements the requirements of the legislation of the European Union and the Republic of Lithuania, internal company documents, other documents with legal force, as well as good practices and industry standards.
It is particularly important for LITGRID to manage and ensure compliance because:
- - we operate in the energy sector that is important for national security;
- - any breach of compliance against the company or the UAB EPSO-G group of companies may cause financial, reputational, operational disruption or environmental damage;
- - in accordance with the Law on the Protection of Objects Important for Ensuring National Security of the Republic of Lithuania, LITGRID is considered to be an important enterprise for ensuring national security, and the company's infrastructure is considered an infrastructure of strategic importance for ensuring national security;
- - compliance with the requirements is a prerequisite for the implementation of the Company's strategy, goals and ensuring an impeccable business reputation, therefore the Company takes all necessary measures to implement the requirements and their compliance would not contradict the values of the Company and the UAB EPSO-G group of companies.
Compliance Management System
The help of the compliance management system is aimed at preventing cases of non-compliance, identifying potential cases of non-compliance and eliminating them immediately.
In order to achieve effective compliance management, LITGRID is guided by the following principles:
- - The principle of responsibility – compliance is ensured by each employee in the daily processes supervised/carried out;
- - Risk-based approach (RA) risk-based approach) – we organise compliance management in such a way that the resources allocated to ensure compliance are adequate to the emerging compliance risks;
- - The principle of sustainability – the aim is for compliance management to contribute to the governance principles set out in the strategy of the UAB EPSO-G group of companies, which are oriented towards a sustainable future;
- - The principle of integrity - compliance management is a part of day-to-day activities, related to risk management and inseparable from other processes in force in companies, based on the group's operational policies and other documents regulating internal processes and the group's values;
- - The principle of documentation and traceability of activities – the main compliance management actions must be properly recorded and stored, thus creating preconditions for the traceability, control and improvement of compliance management processes;
- - The principle of independence of compliance management – compliance management is an independent activity independent of other functions. The combination of the compliance management function with other functions may be acceptable provided that it does not create a conflict of interest and does not undermine the effectiveness of the compliance management function.
LITGRID Compliance management is carried out in accordance with the "Three Lines" model. Three Lines model).
Line I: identifies requirements in the activities carried out, ensures compliance with the requirements of the activities carried out, manages compliance risks, eliminates cases of non-compliance;
Line II: Maintains the compliance management system, supervises how Line I ensures compliance, performs Compliance monitoring actions, provides consultations, conducts training, and promotes a compliance management culture in the company. Depending on the context and size of the company's activities, Line II may also perform the functions of Line I;
Line III: oversees how lines I and II monitor compliance, providing recommendations for improving the compliance management system.
More details about the parts, principles, process, and responsibilities of the compliance management system are indicated in the compliance management policy of UAB EPSO-G group of companies, which can be found by clicking HERE.
Updated 2025-05-22
