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Certification in Corporate Governance & Compliance

Description of the program

The program is based on a series of lectures in the field of corporate governance with a presentation of the latest professional literature in this area and an explanation of the requirements of existing legislation. Then presentation of practical questions and case work / problems that are important for understanding the rules of good corporate governance. None of the modules are connected to each other, nor is it mandatory for one listener to listen to all the modules. Each listener can choose which module to attend or whether to listen to all the modules together.

Target group:

Focus on financial institutions, primarily deposit financial institutions (banks and savings houses), as well as non-deposit financial institutions (primarily financial companies and insurance companies).

Registration fee is included in the total fee of the program

Program structure

Level 1

Certification in Corporate Governance & Compliance, Level 1

  1. Introduction to Corporate Governance – Concept, Definitions, Benefits and Costs
  2. Legal and institutional framework of corporate governance in comparison in Macedonia (financial sector vs. other industries)
  3. Internal acts and documents of the company
    – Company Agreement, ie the Company’s Statute
    – Corporate Governance Code
    – Code of Ethics and Code of Ethics
  4. Shareholders and Stakeholders
  5. Boards of the company, composition and structure (Board Role, Board Committees, Composition and Structure)
  6. Role of the Board of Directors / Board of Directors / Managers and their rights and responsibilities (Directors ’Duties and Liabilities)
  7. Disclosure and Transparency – a term and obligations that arise in terms of dealing with price sensitive information, deal with an interested party, inside (insider) information, business and banking secrecy, etc.
  8. Liabilities for listed companies and companies with special reporting obligations
  9. Financial Oversight Control
  10. Remuneration policy and management contracts
  11. Acquisition and merger of joint stock companies
  12. Placement of corporate governance in insurance companies

Level 2

Certification in Corporate Governance & Compliance, Level 2

  1. Lines of defense and risk management framework (the governance of risk / risk management framework, risk appetite)
  2. First Line of defense – the role of the Board of Directors, the Supervisory Board and the heads of the business organizational units
  3. Second line of Defense:
    – Organizational set-up, status and resources of the risk management function and its role and functions (Chief risk officer, roles and responsibilities);
    – Reporting on the risks to which the company is exposed (whether there are appropriate reports, whether they are transparent, complete, useful and timely reports to the company bodies);
    – Compliance with the regulations (compliance function, role and responsibilities) independence of the function, role and functions – monitoring the regulations, giving an opinion on a new product / service, reporting to senior management, risk assessment of non-compliance with regulations, implementation control (compliance check and education, conflict of interest and corruption, etc.)
  4.  Third Line of Defense: Internal audit function: status, role and responsibilities, scope of activities, audit cycle, reporting to company bodies
  5. Actuarial function in insurance companies
  6. Cooperation with other organizational parts in the company, external institutions and regulatory bodies
  7. The role and function of external audit
  8. Role and function of supervisors

Level 3

Certification in Corporate Governance & Compliance, Level 3

  1. Data Protection Officer and cyber-security attacks
  2. Fit & proper criteria in the licensing process of payment institutions
  3. Fintech companies and the risks of their business model
  4. Money Laundering and Terrorist Financing (AML/CFT Risk Management and FATCA Officer), restrictive measures and methodology for risk assessment at company level
  5. Outsourcing risk
  6. Internal and external fraud management (Fraud Prevention / Management)
  7. Legal risk management of banks, financial companies and insurance companies (Legal risk management)
  8. Complaints management and consumer protection
  9. Corporate Governance and Blockchain technology
  10. E-management, electronic identification, signature and documentation


  1. D-r Iskra Ivanovska Stojanovska, Senior supervisor at NBRSM
  2. M-r Olgica Spasevska, Head of HR Department, Sparkasse Bank Makedonija AD Skopje;
  3. M-r Frosina Celeska, Senior Analyst at NBRSM
  4. Maja Andreevska-Blazhevska, MBA, CCO, CAMO, Manager of Legal Affairs, Compliance and Corporate Governance (MLRO & Compliance officer) at NBG Bank, Malta
  5. d-r Ivica Simonovski, Financial Intelligence Office, AML/CFT expert and lecturer
  6. Gligor Pandilovski – Director of the Directorate for Compliance Control and Monitoring of Activities for Prevention of Money Laundering and Financing of Terrorism in Stopanska Banka AD Skopje

Learning objectives

Module 1 will cover the basic postulates of corporate governance in companies (work of the company’s bodies, shareholder / partner rights, stakeholder deal, management contracts, statute and contract for the establishment of the company, publication of financial data and preparation of financial reports) important issues for any company, especially for a large joint stock company and a limited liability company, including companies providing mobile and telecommunications services and solutions, as well as larger pharmaceutical companies).

Module 2 covers the control functions in the companies, with a certain emphasis on the work of internal audit (internal audit function), the department / person responsible for risk management (risk function) and the department / person responsible for the operation of the company in accordance with the regulations ( compliance function). Special lecture for the actuarial function covered by lecturers from the insurance market regulator and experts from the practice in the field of insurance business.

Module 3 covers the specialized treatment of given topics that are related and important for good corporate governance on the one hand, and on the other hand are important and characteristic in the time of intensified digital transformation, the emergence of new financial institutions in the financial landscape in the country, the emergence of new products and services on the market, as well as new risks that arise daily as a result of new and modification of existing products on the market. This section deals with the following topics: fit & proper criteria in the process of licensing payment institutions, fintech companies and risks of their business model, cyber risks and cyber risk insurance, money laundering risk management, fraud risk management, risks due to the use of services by outsiders, protection of personal data, electronic documents and electronic identification.

Total hours: 99

Teaching – location:

  • Institute for Business and Management Heidelberg Skopje (N. Macedonia) / Heidelberg (Germany) or
  • ONLINE live learning platform from the ZOOM.US app

Lecture dynamics:
Twice a week


Frequently Asked Questions

You can make the payment directly with a credit card on the website itself when purchasing a seminar or training or by paying an invoice in several installments, and after a previously signed agreement.

In the certification programs can enroll anyone who wants to qualify or retrain for thechosen field in the certification programs. For that purpose, having a minimum of prior knowledge in the chosen field of each candidate is a facilitating circumstance in studying the programs. Namely, the programs, except for the postgraduate master studies, do not require prior formal higher education.

Pillar 1 – Seminars are held live with physical presence at a predetermined location and time. Seminars are also held live online through the ZOOM platform. For each organized seminar, the way, time and place of the event are certain in advance, which is published on the website.

Pillar 2 – E-learning, lectures are held online. The first category is live lectures through the online ZOOM platform, the second category is through recorded video materials (when you buy a certain program, you get access to the video you bought).

Pillar 3 – Executive Certification are held live with the physical presence of the group following the program, with a predetermined schedule for lectures.

NOTE: the lectures with several months of training programs are held after working hours, once or twice a week (for each training is explained in detail in the information of the program itself).

Lecturers of all programs are domestic and international practitioners with at least 10 years of work experience in the fields they teach. In each of the programs there are expert lecturers who are available for you to “use” their know-how.

Each listener receives materials in the form of presentations, exercises, excels, books, additional (video and audio) materials and directions where they can get more information on topics related to the lectures for anyone who wants to expand their study.

At the German higher education institution Heidelberg Institute for Business and Management in Skopje has accredited (in 2018) 4 academic programs for master studies, as follows:

  • – MBA in Finance & Controlling (60 ECTS)
  • – MBA in Finance & Controlling (120 ECTS)
  • – Business Data Governance & Business Informatics (60 ECTS)
  • – Business Data Governance & Business Informatics (120 ECTS)

Eligible to enroll are all graduate students – “Bachelor” for one-year programs of 60 ECTS, who previously acquired 240 ECTS, while for enrollment in two-year master programs of 120 ECTS, students with previously acquired 180 ECTS have the right to enroll.


  • – upon completion of the master’s program MBA in Finance & Controlling (60 or 120 ECTS) students gain prestigious international certifications (2 of the above 4):

Risk Management (EU Certificate according to European Banking Federation in Brussels)
Credit Analysis (EU Certificate according to European Banking Federation in Brussels)
Compliance (EU Certificate according to European Banking Federation in Brussels)
Certified Controller (German Diploma from Germany)

  • – Completion of the master’s program – Business Data Governance & Business Informatics (60 or 120 ECTS) students gain prestigious international certifications (2 of the above 4):

Certificate CISA / ISACA Certificate
BI & Big Data (German Diploma)
Digital Design Communication
Certification for Developers


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