Before starting any corporate compliance implementation process, it is essential to clearly understand what the desired objectives are. Compliance is not a one-size-fits-all approach; its goals may vary from company to company and industry to industry. Therefore, defining specific objectives is an essential step to direct the necessary actions and efforts.
Some of the main objectives to be achieved through compliance actions are:
Reduction in expenses
Contrary to popular belief, establishing a compliance management program will not increase the company's costs. On the contrary, its implementation leads to a significant reduction in potential honduras mobile database sanctions and litigation, among other benefits. By improving its reputation in the market, the organization will also see an increase in the value of its operations.
Proximity to investors
Given that risk assessment is one of the determining factors in attracting investment, implementing a compliance program makes the company a more attractive and safe environment for investors, since risk levels are substantially reduced. Promoting an image based on ethics and transparency reduces investors' uncertainties, thus opening up greater potential for conducting business.
Operational efficiency
By developing more transparent processes, compliance practices often result in more efficient and better managed internal activities.
Access to regulated markets
Regulatory bodies and government authorities often set strict standards and requirements that companies must meet to operate legally in a given market, making compliance measures indispensable.
Achieving these goals is not an easy task and requires the construction of a corporate governance structure and a profound change in the company's culture. Often, because they are not properly prepared, companies can make some common mistakes and compromise the entire process.