Compliance Network of Confidentiality among Latin American Regions
In the realm of business operations, the role of compliance officers has evolved significantly in Latin America. Patrick Henz, the Primetals Technologies Compliance Officer for the Americas, emphasizes the importance of fostering a 'circle of trust' between compliance officers and business departments.
This circle of trust is not merely a theoretical concept. It can be achieved through practical strategies, such as making a personal touch and explaining the laws and trends behind compliance. Weatherford's Global Ethics & Compliance Director, Marco Padilla, describes the compliance officer as a 'trusted business partner.'
In Latin America, local norms must be acknowledged to build trust and break the ice. Face-to-face engagement can significantly strengthen the compliance function and improve relationships between compliance officers and business units. This approach encourages open communication, mutual understanding of compliance risks, and integration of compliance processes with business objectives.
Successful compliance officers in Latin America stress the importance of establishing positive relationships with business units. They are empowered to make meaningful decisions, such as determining policy violations and stopping high-risk transactions. However, it's important to note that employees may avoid seeking guidance or hide transactions to avoid potential scrutiny, undermining a culture of transparency.
Compliance officers are increasingly seen as trusted partners and advisors, akin to doctors, mechanics, and lawyers in Mexico. This shift in perception is a testament to the growing recognition of the crucial role compliance officers play in ensuring ethical and legal business practices.
Readers are encouraged to seek qualified legal counsel regarding anti-corruption laws or any other legal issue. The information provided in this article is intended for public discussion and education, not for providing legal advice.
The article was republished with permission from FCPAméricas Blog, founded, edited, and regularly contributed to by Matteson Ellis. FCPAméricas LLC grants permission to link, post, distribute, or reference the article for any lawful purpose, provided attribution is made to the author and FCPAméricas LLC.
Personal touch and in-person meetings can inspire employees to take active roles in promoting ethics, such as giving presentations at local universities. By fostering a culture of collaboration and transparency, compliance officers can help build a stronger, more ethical business environment in Latin America.
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