After several economic crises – especially, the most recent in 2008 - businesses have had to reinvent themselves to prove to their clients, partners, employees, and stakeholders that their values and ethics have become stronger and that they are completely trustworthy at every level of their operations.
Having a strong and effective compliance program is no longer an option, but a smart and strategic business requirement that leaders must demonstrate to prove that they are offering something over and above profitability. They must offer a "risk management" and stable environment, within which they can still achieve their goals and increase earnings.
Under the compliance umbrella, anticorruption, trade, antitrust, anti-bribery, data privacy, and antimoney laundering are only a few examples of the areas being covered. Additionally, a company needs to execute its internal controls policy to ensure both compliance transparency and employee adherence behavior. Multinational companies that decide to operate in both high-risk and emerging markets often represent a bigger challenge to compliance because of the business environment and how they operate with third parties and their clients.
At Arias & Muñoz we strongly believe that the key factors for companies to achieve a high-risk control environment, embed a compliance culture, and build trust and sustainability are both having an effective compliance policy in place as a market differentiator and being able to lead with integrity while still making sure their business operations continue delivering the growth, market, and financial results that their stakeholders expect.
For more information about our Compliance Services and how we support our clients - from both the legal and business perspective - in creating, implementing and improving their compliance policy programs, please do not hesitate to contact us. We will be happy to assist you.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.