Guatemala: Do I need a Compliance Program in my company?

Written by:

Astrid Dominguez

 

The strength of a company is built on its successes and this must be carefully guarded during the course of its commercial life, as well as the reputation it creates in the market. Today, the paradigms of the good businessman have changed and it is no longer acceptable to achieve results without giving visibility to the ethical mechanisms through which they were achieved. Today, the contracting of services goes beyond the choice of a simple service or price, but is based on aspects of ethical perspective, trajectory, efficiency and, in general, compliance. No one wants to work or contract with an entity with a dubious reputation, or with someone who, with or without a good reason, has been linked to some type of corruption scandal, money laundering or any type of non-compliance with regulations.

 

A Compliance Program in a company generates added value, trust and certainty in contracting for the counterparty and for the company itself. Knowing who you are contracting with, demanding constant accountability, providing training to personnel and carrying out activities in a way that respects society and the planet are increasingly common and important aspects of contracting. It is no longer strange that financial entities subject to the control of supervisory bodies ask our own companies to be totally available and open to make available the corporate, human development and accounting information they need in order to verify the way in which it is managed. Already “our” information is no longer ours, the “corporate veil” is increasingly transparent and in recent years has become information of interest to third parties, subject to constant judgment as to its legality and technicality.

 

The answer to the question of whether you need a Compliance Program in your company is yes, you do need a Compliance Program in your company. Of course, this statement is only applicable if you envision a sustainable future for your business, in which you intend that your products, services or brands remain over time and generate more value every day.

The Compliance Program will then be the transversal axis that will allow you to achieve ethical goals, goals that go beyond the day to day or a short or medium term vision focused only on purely economic or monetary aspects. In other words, this type of Program allows you to visualize and ensure sustainability in the future, since it is based on ethics, on the training of personnel, on the execution of the duty of care with respect to the people with whom it is contracted (customers, suppliers, collaborators), where planning is carried out based on risk prevention and where a firm decision is made to act in compliance with the regulations applicable to the market. It is an investment, both financially and in terms of time, effort and follow-up, but one that brings a truly positive, tangible result that is worth publishing. Compliance adds value to your efforts and allows your entire company to feel part of the same goal, a common effort that unites all your collaborators in a positive way that impacts their sense of belonging to the company, as well as to everything that surrounds them.

 

In Consortium Legal we have a regional compliance department, ready to support you both in the diagnosis and in the effective implementation of a Compliance Program for your company, creating value, strength and sustainability for it.

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