Article title with icons representing professionals working in compliance
The search for transparency, ethics and legal compliance has become one of the factors that most lends credibility to companies, making the implementation of corporate compliance practices a response to this growing need.
In 2020, KPMG presented data obtained through the Compliance Maturity Survey in Brazil . The objective of the survey was to understand how Brazilian companies were dealing with compliance management and which weaknesses and strengths should be highlighted.
It was revealed that only six out of 10 companies that responded to the survey had a risk containment program. Furthermore, of the 240 participating organizations, 85% stated that the failure honduras mobile database to identify, assess and develop a process to contain risks was the biggest problem they faced.
This study shows that the lack of strategic guidance for the development of an efficient compliance management program harms companies that are willing to comply with the country's ethics and laws.
But what exactly are these practices and what is the role of institutional and government relations (IGR) professionals in corporate compliance actions? Understanding the concept of compliance, its advantages and benefits, and how to apply these standards can make a difference in the performance of those who work with the objective of strengthening compliance processes.
The evolution of corporate compliance
The word compliance comes from the English verb “to comply”, referring to the act of complying. In practice, compliance encompasses all activities that aim to respect the standards, laws, regulations and guidelines that apply to a company in its sector of activity. This includes the organization’s internal standards and external regulations imposed by government authorities and regulatory bodies.