After more than two years of virtual meetings, as a result of the pandemic, BH Compliance held an in-person breakfast with its clients on Friday, May 20 at El Golf 50, to discuss the trends and challenges faced by compliance areas in a changing environment.
It was a warm reunion, in which the CEO of the company, Susana Sierra, reviewed what is happening in Chile and the world, which reflects the moment of uncertainty we live in, such as the pandemic, the Constitutional Convention, war, Latin American democracies and the risks that threaten it, corruption and cybersecurity, among other issues.
Thus, he highlighted the crisis of trust that is being experienced globally and the need to recover it and the role that companies have in this important task. For the same reason, he spoke about the great challenges of compliance today, highlighting the work of those in charge of these areas in companies, urging them to go beyond the checklist and compliance with local regulations or the new regulations being discussed in Congress. It is important to assess risks based on global regulations, in addition to complying with ESG criteria, making a special call to put governance G first.
Likewise, Susana Sierra told about the technological advances BH Compliance is incorporating to bring compliance to the forefront, innovating through Blockchain and Artificial Intelligence (AI), adapting to the current reality.
With Blockchain, a digital footprint of all documents generated by BH Compliance is created through continuous monitoring of good practices, sealing folders that safeguard the integrity of the data and allow that information to remain unalterable for years. It can be used by the company to defend itself in case of being involved in a corruption issue. On the other hand, with AI, BH Compliance seeks to improve the monitoring of good practices within companies, and algorithms are already being trained to perform the analysis.
The company’s Director of Legal and Compliance, Francisco Bilbao, and the Legal Compliance Executive, Francisca Macchiavello, gave an account of global anti-corruption regulations, highlighting the importance of emphasizing relations with public officials, the giving of gifts and/or invitations, and the making of donations, sponsorships, and/or patronage. He also revealed some statistics of the BH Compliance platform in these matters.
Finally, attendees were able to discuss these three points, share best practices to prevent corruption risks, and analyze the main concerns in this regard.