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Industry News • 2 years ago

Compliance…the new tool for businesses

Compliance is the term use in a business to refer the balance between ethics and norms that every responsible company should have.

Many of us have heard or use the term compliance once, even without knowing what is the real purpose behind the implementation of a compliance department or officer. It is very common to think that compliance is only use to say that we are complying something. It is much more than just complying with the law, the compliance is the #1 tool in which business ethics and social responsibilities relay on. Without it, it will all be good intentions.

This term was implemented and considers of high importance in different countries, it has generated many doubts in many aspects including the responsibilities of job role created specifically for compliance.

Do we really need that having a legal department? Do we really need that even if we have a code of conduct? Do we really need that even if we have a strong ethics campaign? I will use a metaphor and say that it is the same as having a country with laws, regulations, rights and duties and having no one to defend them.

Beyond having a department that not only can assure that everything we do is under the correct laws and regulations, the existence of it, will allow us to detect violations, inform about them and fix these situations that happens more often that we can admit. To the enterprises with major economy this is not just a legal requisite, this is also a competitive advantage, because it helps to save problems and money and also helps on providing high quality services with good practices.

To sum up, the compliance should affect the whole enterprise, but more than just asking to comply, the real objective is to convince all the employees that we must comply, not only to be responsible, but because it is convenient and because it is the best way to achieve real excellence.