Regulatory compliance, advantages and challenges for the business sector
Authors
Stella María Escala
PDF (Español (España))
FLIP
EPUB (Español (España))
The content of the publications and the links suggested in them are the sole responsibility of the authors and not of the METROPOLITAN UNIVERSITY OF EDUCATION, SCIENCE AND TECHNOLOGY (UMECIT) or CATHEDRA magazine. They are protected by international copyright laws just as the UMECIT and CATHEDRA logos, hence their reproduction is totally prohibited
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
The authors maintain the copyright and transfer the right of the first publication to the journal, with the article registered with Creative Commons Attribution-NonCommercial-NoDerivatives License, which allow others They can download the works published in this magazine and share them with other people, as long as their authorship is recognized, but they cannot be changed in any way nor can they be used commercially.
Authors are recommended to include their work in social networks such as Researchgate and institutional repositories once the article or visible fact has been published on the journal page, without forgetting to include the digital document identifier and the name of the journal.
Abstract
Compliance means acting in accordance with current laws and regulations. Its importance lies in the fact that companies develop management tools to prevent, detect and sanction conduct that violates the law, which strengthens customer confidence, guarantees ethical practices and legality in operations, reduces legal and financial risks, and improves the company's reputation.
It is a challenge for the modern business environment to promote a culture of compliance that includes guidelines within the company and a code of ethics, in order to continuously train staff, achieve assertive communication that facilitates complaints by employees, identifies risks and apply sanctions. In my opinion, the culture of compliance faces two major challenges, lack of knowledge about the regulations, and the economic benefits considered to be more important than what is established by the law.
In order to correctly apply compliance standards, it is necessary to have a compliance department or officer within the company's organizational structure, who is free to carry out his or her work in compliance with the law and without influence from others.
Compliance programs offer important advantages to the private sector, because they generate confidence in the market, as they send positive signals of commitment to transparency, good practices and sustainable eco-friendly measures. Clients, investors and potential allies identify with companies that have a solid compliance culture that highlights their ethical commitment and corporate social responsibility, which also attracts outstanding professionals to join the company.
Nowadays, regulatory compliance and corporate criminal liability plays an important role within companies, which are called to be part of the fight against money laundering, financing of terrorism, financing of the proliferation of weapons of mass destruction, and other criminal activities. Efforts must be made to strengthen the culture of compliance so that government entities, individuals and legal entities support the development of good practices as a requirement of modern markets.
Keywords
Downloads
Publication Facts
Reviewer profiles N/A
Author statements
- Editor & editorial board
- profiles
- Academic society
- Universidad Metropolitana de Educación, Ciencia y Tecnología
- Publisher
- Universidad Metropolitana de Educación, Ciencia y Tecnología
To learn about these publication facts, click 
PF is maintained by the Public Knowledge Project
