We invite you to read the column written by our Compliance Group Director, Yoab Bitran, with the conclusions from the Compliance Latam 2025 Forum and the challenges ahead for companies.
On November 27, the most important regional compliance event took place in Santiago. Nearly 300 legal managers, compliance officers, and executives from various sectors and countries gathered to analyze and discuss the main challenges and trends in compliance.
Throughout panels and specialized conversations, topics related to compliance as a strategic tool for business, emerging risk management, relationships with third parties, and the challenges of the digital economy were addressed.
The importance of compliance
It should be noted that compliance is increasingly understood as a commercial asset, a competitive advantage that can help generate more business. Likewise, companies with higher standards are more likely to win contracts, especially with multinational suppliers or customers.
In this regard, it is essential for corporate compliance departments to listen to the business, to the people working on the front line; to understand their concerns and worries in terms of risk; and where they see gaps or sensitive issues.
In this way, corporate compliance departments must build on what has been done and learned in the area of economic crime prevention to play a key role in areas such as climate change, human rights, and community relations.
Diverse standards and regulations
On the other hand, multinational companies must maintain a single global standard, but implementation varies. Application depends on cultural aspects and even local regulations.
Stakeholders and supply chains
One of the main areas of interest at present is the relationship with third parties and risks linked to the supply chain. The panelists agreed that a single compliance program should not be imposed on all suppliers. Doing so would risk discriminating against less sophisticated suppliers, such as those from local communities. Although it is possible to work by category, not all suppliers require the same level of control.
Personal data and the digital economy
Another important issue was addressed during the forum: the most significant risks in the digital economy.
Given the entry into force of the new Personal Data Protection Law, the biggest gaps seem to be in the lack of governance and in the adequate identification and classification of the data processed by organizations.
On the other hand, there is consensus that most cybersecurity incidents originate within organizations. Thus, there are two aspects that are fundamental in terms of prevention: first, the establishment of clear and accessible policies that allow the organization’s expectations regarding prevention to be communicated to its employees. And along with this, awareness-raising to build a digital organizational culture.
Corruption and money laundering
As with so-called “traditional risks” such as corruption, money laundering, and fraud, compliance plays a fundamental role in leading the management of risks associated with technological transformation.
However, while risks and regulations will be constantly evolving, we know that navigating this new context together, as a compliance community that shares the mission of raising standards in the region, will allow us to go further and contribute more effectively to building more responsible companies and, at the end of the day, a better society.
Column written by:
Yoab Bitran | Compliance Group Director | ybitran@az.cl
