A common practice in the global market, the structuring of compliance programs has gained traction in the country in recent years. Increasingly, the need to adopt effective control practices that add value for stakeholders is understood by companies, guiding them toward the development of a organizational culture guided by ethical precepts.
In addition to presenting standards, compliance promotes changes that contribute to strengthening the company's image, increasing the level of trust of employees, clients, and investors, optimizing work efficiency, and improving corporate governance levels.
More than establishing a program, however, companies need to ensure its effectiveness to achieve the desired benefits. In this regard, strategic management emerges as an important ally.
O que é compliance
Before we move on, it's worth clarifying what compliance is. The origin of the word comes from the English term “comply,” which means “to act according to the rules.” Initially, this was the role of compliance: to ensure that a company was in compliance with its legal obligations.
Over time, however, it became clear that it is not possible to adapt to norms without knowing and considering all internal processes and characters involved in the organization's routine. From this, compliance became a broader, more effective, and more valuable process.
Establishing a code of conduct that is in compliance with laws and with each company's practices, objectives, and values contributes to its work being carried out with greater transparency, something increasingly demanded by society.
How to guarantee the program's effectiveness
Simply gathering the rules by which the company wants its employees to operate into a document is not enough. For this to actually work, compliance must be understood as a business strategy.
This means the company needs to make a concerted effort to develop this code of ethics and conduct seriously, taking into account professionals from the so-called factory floor to the boardroom.
For the program to be successful, the company needs skilled professionals assigned to analyze the purposes and effects of each rule on the organizational routine. Only through this “customization” will compliance be effective in the process of transformation and achievement of results.
It's also worth mentioning that flexibility is needed to adapt to trends and new demands. In other words, the program needs to be periodically reviewed and re-evaluated.
How does strategic management favor the process
As can be inferred, the implementation of an effective compliance program is not a simple process; it demands time and other resources. Therefore, it is best to include it in organizational strategies, and in this regard, the management team is an important ally.
It is from strategic management that ideas for implementing compliance practices become viable and capable of producing results for the company. This is because it is necessary to analyze the organization from various angles, develop a plan to direct the project, and ensure that it is successfully carried out and applied.
And it is this planning that allows, for example, the values, objectives, and characteristics of an organization, as well as its stakeholders, to be taken into consideration in compliance.
In other words, it is the knowledge and processes related to Strategy Execution Platform what guarantees the success of adopting compliance practices in a company.
This includes the fact that this management is an ongoing process and therefore contributes to the detection of new risks, effectiveness, impacts, and needs for changes in the program used by the organization.
Therefore, strategic management facilitates compliance, just as compliance helps keep strategic management on track, as the implementation of better internal practices contributes to increasing the organization's competitiveness.
See how beneficial it is to combine the two practices in your company? Leave your comment!
