{"id":22117,"date":"2020-10-30T11:58:58","date_gmt":"2020-10-30T11:58:58","guid":{"rendered":"https:\/\/spanishchamber.co.uk\/?p=22117"},"modified":"2020-10-30T11:59:47","modified_gmt":"2020-10-30T11:59:47","slug":"blog-post-part-ii-navigating-the-new-compliance-landscape","status":"publish","type":"post","link":"https:\/\/spanishchamber.co.uk\/es\/2020\/10\/30\/blog-post-part-ii-navigating-the-new-compliance-landscape\/","title":{"rendered":"BLOG POST | Part II: Navigating the New Compliance Landscape"},"content":{"rendered":"

BLOG POST BY OUR MEMBER FULCRUM<\/strong><\/a><\/p>\n

As a result of COVID-19, more that ever businesses need to ensure that their compliance programmes are robust, resilient, and adaptable to new and\/or heightened risks resulting from new market conditions. This includes taking into consideration not only legal and regulatory requirements, but also ethical demands in an increasingly scrutinised climate, where stakeholders and the general public expect businesses to act ethically and responsibly according to what is considered \u2018adequate behavior\u2019.<\/p>\n

In parallel, new challenges posed during current and future lockdown periods (for example, budgetary and travel restrictions) may present additional hurdles to the implementation of compliance initiatives, making it harder for businesses to mitigate new risks by adequate internal processes, policies and controls in the context of increasing pressures and scrutiny by governments, regulators and the public alike.<\/p>\n

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How can businesses ensure that ethics underscores their corporate governance?<\/strong><\/p>\n

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It is important that businesses are aware of the importance of ethics and integrity as they navigate a changing regulatory landscape and are fully committed to continuing with their compliance agendas, despite current and future challenges (for example, lockdown constraints and travel restrictions).<\/p>\n

Whilst company values that underscore a well-developed compliance programme are an important starting point for businesses, it is crucial that due attention is paid to what employees, customers, stakeholders, and the general public consider to be \u2018appropriate corporate behaviour\u2019.<\/p>\n

We have seen the public critical of companies reported to be adopting unethical business practices during the pandemic (for example, requiring employees to work in environments without adequate social distancing or PPE; and furloughing staff whilst paying out executive bonuses). In contrast, favourable comments have been posted in regard to companies that have demonstrated ethical conduct during the crisis (for example, providing time and resources to support community projects; and repurposing their businesses to manufacture products to support the emergency services).<\/p>\n

The public\u2019s scrutiny of companies\u2019 behaviour has increased throughout the crisis and companies must be mindful that they act with integrity and ethically to enhance their business reputation (both internally and externally). In doing so, it is advisable that companies pay close attention to what is considered\u00a0\u2018appropriate corporate behaviour\u2019\u00a0and how the company\u2019s conduct will be viewed by employees, customers, investors, stakeholders, and the general public. This may also have a positive impact in attracting responsible or ethical investment towards companies that adopt high ethical standards.<\/p>\n

Whilst the importance of compliance has not shifted as a result of the pandemic, the attention and priorities of employees may well have done.\u00a0 Management teams and compliance officers must ensure that they maintain commitment to advancing their compliance initiatives, particularly whilst physically \u2018out of sight\u2019 owing to lockdown restrictions. In this challenging environment, underscoring compliance initiatives within the business will be imperative to business success. Companies should therefore be mindful of the following:<\/p>\n

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