Compliance in Spain has become increasingly important since criminal penalties introduced through changes beginning in 2010.
A brief overview of compliance
The term compliance became more prominent in Spain following the 2010 reform of the Criminal Code. It focuses on meeting legal requirements and reducing the risk of criminal penalties.
Spanish organizations have approached this legal concept partly because their business activities can expose them to sanctions and reputational damage.
Historically, compliance programs emerged in the United States in the early twentieth century through public agencies and the need to meet requirements beyond government supervision.
In Spain, the financial and pharmaceutical sectors had begun to regulate themselves. Following the 2010 criminal-law reform, organizations paid greater attention to risk management and to concepts such as:
- Corporate culture
- Corporate best practices
- Compliance documentation
- Awareness campaigns
- Ongoing risk assessment
Compliance and corporate governance are closely connected, underscoring the importance of reputation in the market and protection of the business model.
Technology and compliance
Technology helps these programs deliver results. Compliance and corporate governance are not only policies: they are processes that technology can help organizations manage effectively.
One challenge is how to manage assessments, processes, and awareness campaigns. In response to the global landscape, EthicsGlobal developed an integrated ethics system with a holistic model.
Ethics systems and compliance
What steps help ensure a company's compliance program aligns with corporate governance best practices? An integrated ethics system can support organizations as they align their practices and assess them regularly.
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