This Tuesday, October 5, BH Compliance was present at the virtual round table of the International Business Alliance of the Boca Raton Chamber of Commerce in Florida, through its CEO, Susana Sierra, and the Legal and Compliance Manager, Ramón Montero.
On the occasion, the executives discussed the importance of compliance in organizations and its impact on international business.
To begin with, they analyzed how the new global scenario – pandemic, economic crisis, a crisis of confidence, populism, among other factors – has increased the risks of corruption, which implies that both public and private institutions must take measures to prevent crimes.
In this context, Latin American countries have seen their anti-corruption capacity diminished, which is accentuated by the lack of global perspective of companies, which are guided by local laws on corporate criminal liability, risking offenses that can be punished by laws such as the Foreign Corrupt Practices Act (FCPA), which can be even harsher than the local ones.
Susana Sierra highlighted the main elements that a compliance program must consider in order to be effective, highlighting, for example, the commitment of top management, employee training, due diligence, and periodic reviews.
Ramón Montero presented cases of companies that were involved in corruption scandals, in which crime prevention models made the difference when it came to receiving sanctions. He also stressed the importance of checking the updated guidance of the U.S. Department of Justice (DOJ).
BH Compliance recently opened an office in Miami, so it is focused on raising awareness of the reality of Latin America in terms of corruption and how to have effective prevention models, which are not only expectations but reality.