As part of the series of webinars that BH Compliance is carrying out to discuss the role of the company in society and how to be an agent of change, this Thursday, April 29, BH Compliance, together with AmCham Chile, held the online seminar “From Compliance to Strategy: how to create a culture of integrity”.
The event focused on how to build an ethical culture within organizations, especially in this period of pandemic, which has meant the revision of priorities and purpose in many companies.
The initial opening was in charge of Hugo Hurtado, Partner at Deloitte and Chair of the Corporate Governance and Compliance Committee of AmCham, who referred to the importance of compliance in current times, which should no longer be seen as compliance with legal regulations, but as a long-term strategy, in which the ESG pillars are addressed.
The panel was composed of company directors, Susana Carey, Myriam Gómez, and Luis Hernán Paúl, and was moderated by the Executive Director of BH Compliance, Susana Sierra. The latter emphasized the need for organizations to be based on values to prevent misbehavior, for which it is essential to build a culture of integrity, created from the top and permeating the rest of the organization. To this end, he pointed out that the boards of directors should discuss value-based issues, in addition to the technical issues of their competence, in order to reduce risks.
For his part, Luis Hernán Paúl referred to his experience as a director of companies in the midst of the pandemic, where he has had to deal with two opposing realities, with companies favored and others harmed by the crisis. In view of this, he emphasized the responsibility of boards of directors in preventing compliance from losing relevance due to the urgency of addressing other issues, and that uncertainty should lead to more strategic efforts to identify emerging trends, both at a general and sectoral level.
Susana Carey highlighted that it is often necessary to go against short-term benefits and act with conviction, perseverance and consistency to achieve long-term gains through a culture of integrity. Along these lines, he pointed out the importance of addressing cognitive and emotional biases within organizations, in order to prevent and anticipate potential risks, as this will demonstrate a corporate commitment to transparency.
Finally, Myriam Gómez argued that the quality of compliance and the strength of a culture of integrity are key to achieving the desired ethical results. And he pointed out that Chile is in a unique moment – given the pandemic and political situation – to internalize compliance, not as a checklist or a “nuisance”, but as the basis of corporate sustainability.
The closing of this virtual conversation was in charge of Paula Estévez, General Manager of AmCham Chile, highlighting the work of the organization in promoting good practices, as well as its ongoing commitment to the development and implementation of internal compliance policies and procedures in pursuit of a culture of integrity.
April 29, 2021