"Compliance is in fashion." Interesting article by Fernanda Hurtado in her opinion column in La Tercera about the importance of compliance in Chile

Compliance is in fashion

In the article "Compliance is in fashion", Fernanda Hurtado, general manager of Fundación Generación Empresarial, maintains that the culture of compliance is booming in Chile.

 The importance of compliance

The article begins with a reflection on the importance of compliance. Hurtado states that compliance is a set of measures that organizations adopt to prevent and detect non-compliance with the law. Compliance is important because it helps organizations operate legally and ethically, and protect their interests.

 What are the factors driving the rise of compliance in Chile?

In the second part of the article, Hurtado analyzes the factors that are driving the rise of compliance in Chile. These factors include:

1. Increased regulation: In recent years, the Chilean government has passed a series of laws and regulations that require organizations to comply with a series of requirements.
2. Concern about reputation: Organizations are increasingly concerned about their reputation. A corruption scandal or breach of the law can seriously damage an organization's reputation.
3. The need to protect consumers: Organizations have an obligation to protect consumers from defective or dangerous products and services.

Compliance as a key factor in the competitiveness of companies

In the last part of the article, Hurtado concludes that compliance is a trend that will continue in the coming years. Organizations that do not adopt compliance measures will be at a disadvantage compared to their competitors.

How to implement a compliance program?

Implementing a compliance program in Chile requires a series of steps, including:

1. Define the scope of the program: The first step is to define the scope of the program, that is, what areas of the organization will be covered.
2. Identify risks: The next step is to identify the risks to which the organization is exposed.
3. Develop controls: Once the risks are identified, it is necessary to develop controls to mitigate them.
4. Implement controls: Controls must be implemented and monitored effectively.
5. Train employees: It is important to train employees on compliance and the controls implemented.

At Cremades&Calvo-Sotelo Abogados we are specialists in helping companies and organizations design and implement their compliance programs to comply with the regulations and laws applicable at all times in each country. Our team of compliance experts can help you design and execute a customized compliance program that fits the specific needs of your company or organization.