For the second consecutive year, the Sofia Compliance Forum event, organized by Fibank (First Investment Bank) and PwC Bulgaria, has become a driver of change in corporate culture in our country.
And this time the event brought together international speakers, established names from the business world and leading regional leaders for practically oriented discussions in the field of compliance.
Nearly 300 specialists discussed the latest developments in the field, having the opportunity to exchange experience with top industry authorities from around the world during the all-day leadership format, which is unparalleled in Bulgaria and the region.
This year's theme of the forum “Compliance in the Age of Accountability“ put compliance at the center of business decisions made in an environment of increasing pressure, technological complexity and increased personal responsibility.
During the event, experts united around the thesis that risk cannot be the responsibility of just one function - compliance specialists, management and the board share responsibility - but in a different way.
“The role of compliance specialists is to provide stability and predictability regarding upcoming changes. They must be proactive and discuss with the CEO the need to act now“, commented Julian Mihov, Head of “Forensic Services“ for Central and Eastern Europe and Director of “Business Development“ for Southeast Europe at PwC.
According to the forum's experts, the compliance function identifies and escalates the risk, management accepts or rejects it, and the board exercises oversight and intervenes if necessary.
“The compliance expert recognizes the risk, assesses it and makes a recommendation for it. However, the responsibility for the final decision lies with management“, noted Ivan Dimitrov, Chief Compliance Officer at
Hiab Group.
One of the main messages of the Sofia Compliance Forum 2026 was that compliance is no longer just a formality, but a form of strategic leadership and a real competitive advantage.
“Compliance has a reputation problem. It is still too often perceived as the function that slows down processes and stops business. However, leaders who realize that compliance is a strategic asset build organizations that are more resilient, more trusted and ultimately more competitive, said Anton Petrov, Chief Compliance Officer and member of the Board of Directors of Fibank.
During the discussions, it became clear that among the leading trends in recent years in the field is the increase in costs for banks in terms of compliance - both financial and, in particular, human resources.
Samuel Grand, INSEAD Certified International Director, emphasized that the banking sector today operates in an interconnected and strictly regulated environment. This requires compliance to stop being perceived only as a control or support function, and now to play a strategic role - helping to anticipate risks and guide the decision-making process.
This edition of Sofia Compliance Forum significantly built on last year's success by going beyond the financial sector and initiating a cross-sector dialogue with guest speakers from different business areas. The event was attended by leaders from the pharmaceutical industry, telecommunications, industrial sector, banks and other key industries.
One of the most widely discussed topics during the day-long discussions was the increasingly active implementation of artificial intelligence and automated systems in business processes. Experts were categorical that the human-in-the-loop concept, in which a person remains an active part of the decision-making, verification or approval process, retains its key importance in the AI era.
“You can automate decisions, but not responsibility. No tool with artificial intelligence or automation will be brought to justice - it is the person who is responsible. Therefore, his judgment is crucial“, commented Faizal Islam, President of the “Regtech“ department at
Binderr - a global platform for automated identity verification and compliance management tools.
During the event, experts discussed real-life cases of high practical value throughout the day, which provoked many discussions and comments. Michael Weiss – Partner and Head of the “Forensic and Financial Crime“ department at PwC - Luxembourg drew attention to the so-called escalation culture, which encourages employees to promptly report risks, problems or violations to a higher level of management and in which regulatory and financial risks are significantly reduced.
“The introduction of escalation mechanisms is extremely important. When something unusual is detected, it should be escalated and discussed openly, and when large profits or volumes from high-risk customers suddenly appear, they should be investigated immediately“, summarized Weiss.
This year's forum focused on one of the biggest compliance challenges businesses face today – making balanced business decisions in an environment of increasing regulatory complexity and high pressure to achieve results.
The leaders acknowledged that companies are facing a wave of new regulations, especially in Europe. They are becoming increasingly oppressive and difficult to manage.
“What will be beneficial is an active dialogue between business and regulators before a regulation is introduced. This way, the regulations will not only meet the requirements in theory, but will also be practically applicable in the dynamic business environment“, noted Reni Mitkova – Chairman of the Board of Directors of EOS, Bulgaria.
In the increasingly dynamically developing field of compliance, Sofia Compliance Forum is establishing itself as an important platform for the sector, providing professional dialogue and exchange of international know-how, thanks to the organization of First Investment Bank and PwC Bulgaria.