Importance of Compliance in Companies
The Compliance area is dedicated to the supervision of compliance with the external and internal regulations to which the Companies are subject. Until some years ago, the Companies considered that the implementation of Compliance was not necessary; currently, the regulations have become more complex and strict, so, the Companies require a specific department.
Generally speaking, Compliance is an integral part of the lines of defense of every Company, and it also ensures that the exercise of the Companies, at all levels, legal, fiscal, accounting and ethical, are the correct, the above, through the use of appropriate procedures and policies.
Good practices within the Compliance area prevent and avoid future inconveniences (financial crimes, misconduct, negligence in the processing of personal data, among others), the above, through five phases:
- Identification. This phase is necessary to define the risks that each Company has faced, faces and is estimated to face, with emphasis on the damages they have caused, as well as on the probability that they will happen again.
- Prevention. As in any strategy, through this phase contingency plans are created that respond, in an efficient way, to every need that the Company may go through.
- Monitoring and detection. Safety and security controls, in addition to implementing them, need to be put in place to detect drawbacks and thus consider their updates.
- Resolution. Once the previous phases have been implemented, solutions will be sought in this phase to any unforeseen situation.
- Advising. The entire Enterprise team should be aware of basic procedures and policies to enable compliance with standards and to build a culture of good practice.
If you are ready for a real change in your Company, you are ready for the implementation of the Compliance area, do not hesitate to contact us, our specialists will accompany you professionally in the process.
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The main purpose of this information is to provide guidance to the general public. It does not replace the provisions of applicable law. Nor does it replace the specialized legal advice or consultancy that can be offered by any of the lawyers and/or accountants of Bandala | Díaz | García