COVID- 19: Risks and Opportunities for Compliance

ARTICLE
COVID- 19: Risks and Opportunities for Compliance
March 30, 2020
COVID- 19: Risks and Opportunities for Compliance

The COVID- 19 crisis generates multiple operational difficulties for companies. From restrictions on people and goods’ circulation to the reduced operation of numerous public and third party entities which carry out business.

In this context, the pressure to continue operating may be significant, either due to the business need to continue operating or because they are essential services that the State expects -and even demands- to continue being provided.

Emergency situations and high levels of discretion create a complex scenario for companies. Consequently, it is essential to strengthen the validity of the internal policies that make up the compliance program, which must establish the way in which the company conducts business and the practices that are not accepted as valid or possible. Perhaps it is time to review certain policies and procedures to anticipate this new reality.

Among other measures, using the available technological tools to reinforce compliance training during quarantine is a measure that will be undoubtedly useful in showing a company's commitment to acting according to its policies and the law, even in the most severe crisis.

Operating outside the compliance program may imply acting outside the law and, consequently, generating legal responsibility for the company and the individuals involved.