Blockchain technology is now playing a key role in helping corporations boost their compliance program to fight corruption. One of the largest anti-corruption monitoring companies in Latin America has partnered with a blockchain solution provider to help multinationals operating worldwide keep corruption at bay.
BH Compliance, which just opened a US office in Miami, is adopting innovative technology to ensure data integrity in the fight against corporate corruption.
“We are excited to bring a new level of tech innovation to our monitoring services so our clients can rest assured our monitoring program is one of the world’s best,” said BH Compliance CEO Susana Sierra in Miami. “When it comes to corporate compliance, we are changing history with the implementation of blockchain. Moving forward, every piece of evidence our program generates to show a company is doing everything in its power to prevent corruption will have a digital ‘fingerprint’ and be guarded in our server by blockchain technology. This new level of security further adds credibility and authenticity to evidentiary documents that may be needed in the event a multinational is caught in a compliance investigation five to 10 years down the road.”
A recent annual report by Transparency International revealed that the fight against corruption is stagnant worldwide, with little or no progress in the last 10 years. This grim scenario was exacerbated by the pandemic, which led to relaxing controls and increase procurement via direct deals.
About BH Compliance
BH Compliance was co-founded by entrepreneur Susana Sierra in Chile in 2011 to monitor corporation compliance programs and shed light on a company’s business and financial risks. Over the years, the firm has worked with companies with a strong culture of regulatory compliance to create evidentiary reports on their best practices to protect their reputation and financial future. Some of its current and past clients include Walmart Chile, GM Financial, BCI, Itaú, MetLife, Liberty Seguros, Principal, and Telefonica. As an impartial third-party, BH Compliance analyzes the quality and effectiveness of a company’s risk-based compliance program, the metrics a company collects and uses to help detect misconduct, and whether a compliance program is regularly reviewed to update policies, procedures, and controls to meet the US Department of Justice guidelines and in-country anti-corruption laws. For more information, visit https://www.bh-compliance.com/en/