In order to ensure the sustainability of a program, it is necessary to Corporate Compliance It must be taken into account that each procedure must comply with the tasks for which it was designed. Its operation is regulated by the specific needs of the business, so that the actions and procedures carried out during the execution of the program are subject to a follow-up that allows adjustments to prevent crimes within the company. In other words, the development of the program is not only about organizing internal procedures and verifying that everything is up to date, but also includes multiple aspects that are necessary to position it as a new organizational culture. In that sense, in this article we will share 3 keys to understand the execution of Corporate Compliance or Regulatory Compliance in a company.
You will require the services of a Corporate Compliance lawyer.
Regulatory compliance programs must be developed through certain specific methodologies, which is why it is necessary to count on the services of a specialist lawyer. In this way, it is possible to count on the expertise of a professional in the area, which guarantees that the evaluations and proposals for the resolution of conflicts are adequate according to the Venezuelan legal framework.
Remember that in order to make an accurate risk assessment and gap analysis, it is necessary to have previous references and an analysis of the sector where the company operates. This allows the proper detection of unusual activities according to national and international regulations of the business activity. Therefore, having a firm representing you is the best way to guarantee those references for the implementation of effective and sustainable internal policies.
Procedures should be developed to explain the company's decision making process.
This requires that the board of directors and all decision makers in the company actively participate in the program. By understanding the risks of the commercial sector and defining lines of action according to a common vision and mission, a company can be efficiently managed.
The participants must also establish the sanctioning regime that establishes the mechanisms for the internal penalization of personnel. This model seeks to prevent unlawful conduct within the company, since it focuses on the ethical compliance with the legal system.
Control and monitoring mechanisms are essential elements in risk reduction.
Control mechanisms are those that allow an adequate management of risks, either to prevent or detect them. Therefore, a series of procedures are implemented, such as due diligence, in order to monitor the company's activities. On the other hand, monitoring makes it possible to verify whether or not there are deficiencies in the controls implemented.
From the aforementioned, it is important to exercise controls to identify any discrepancy between the compliance program implemented with the activities and operation of the company. That is why monitoring by a team of Corporate Compliance experts is of great importance to achieve compliance with Venezuelan legal regulations.
Therefore, the application of Corporate Compliance programs to the commercial practices of companies guarantees the proper functioning of the same according to the Venezuelan legal framework. That is why in Alan Aldana & Abogados we promote the use of this organizational program for the development of business in the country. At the same time we assist our clients in the identification and evaluation of legal and ethical risks. With the objective of presenting a work plan designed to the reality of each company that allows its development in accordance with current legal regulations.
If you would like more information or need advice on this and other issues of criminal and commercial law, do not hesitate to contact us at contact us at. We also share with you our social networks so that you can keep updated on the legal topics that are in trend: Instagram, Facebook, Twitter y Linkedin.
