If you do not have a team of lawyers specialized in Regulatory Compliance and you want to know how necessary is the Compliance Officer and how this figure can boost the efficiency, growth and sustainability of your company, this article may be of interest to you.
At Aldana & Abogados, we seek to show the importance of a Compliance Officer We are specialists in this area and we want your organization or company to be aligned with the legal, regulatory and ethical framework.
It is necessary for companies to have an effective self-regulation plan. as this helps to prevent crime, financial losses and reputational crises., This requires the development of adequate legal and ethical risk management to enable the organization to conduct its corporate activities in a responsible manner, and this is possible with the support and advice of experts in the following areas Compliance.
What is the compliance?
The English term, compliance, refers to to regulatory compliance and refers to the standards set by companies internally and externally. It is about improvements in their practices, their code of ethics, anti-corruption actions, risk prevention in the workplace, data protection, handling of illicit business. In general, the work of a compliance prevents your company from being involved in illicit business and reduces the likelihood of internal corruption. Compliance with these rules created by and for companies is a way to prevent and avoid any illicit conduct.
The Compliance Officer is responsible for this task.Given the growing interest in this figure and its importance within organizations, the Compliance Officer has been exerting more and more influence on business decision making. Despite the fact that in the ISO 19600 In Spain, for example, there is no specific legal reference to the Compliance Officer.
Compliance Officer in Venezuela
According to the Revista Venezolana de Derecho Mercantil (Venezuelan Journal of Commercial Law), "In highly regulated countries, where the rules are changing and the State intervenes directly in the regulation of the market, companies need to implement actions to ensure regulatory compliance and avoid penalties. This is how Corporate Compliance arises, as a set of preventive actions to ensure that the company complies ethically with the legal system. This article aims to explain Corporate Compliance from its elements, characteristics and benefits.".
In the magazine, it also highlights and supports the need for the compliance in companies for compelling cases, "Due to serious scandals such as Watergate, Siemens, Enron, Parmalat, Lehman Brothers, Walmart, Volkswagen, FIFA, Teva Pharmaceutical Industries Limited, and more recently, the Odebrecht case, the urgent need arose for States to increase regulations and controls to prevent corruption, in some cases through laws with extraterritorial scope, and in others, by adopting internally the model of criminal liability of legal persons, with exemptions for those companies that have programs that contribute to the prevention of crimes.".
"Nowadays, internal control programs have a broader scope than crime prevention and control; they also seek to ensure compliance with any type of legal obligation.", he emphasizes.
Companies in Venezuela do not escape from these needs.. Just look at the wide range of job offers for this position in different organizations within the Linkedin platform.