Financial Crime World

Compliance Training Resources in Philippines Boost Corporate Governance

In a bid to enhance corporate governance and compliance, the Philippines has introduced comprehensive training resources for companies operating within its borders. The initiative aims to equip businesses with the necessary knowledge and skills to navigate complex regulatory requirements and maintain ethical standards.

Series of Compliance Training Sessions Conducted

The Center for Governance and Business Practices (CGBP) in partnership with leading experts in the field recently conducted a series of compliance training sessions. The program, which spanned 11 days, covered essential topics such as:

  • Corporate compliance
  • Developing a corporate compliance program
  • Ethics and governance
  • Tax compliance

Day-by-Day Highlights

Day 1: Introduction to Corporate Compliance

  • Introduced the concept of corporate compliance and its benefits
  • Covered legal basis for requiring a Compliance Officer (CO) and consequences of non-compliance

Day 2: Developing an Optimal Compliance Architecture

  • Fostering a culture of accountability
  • Best practices in monitoring and auditing
  • Developing an optimal compliance architecture

Day 3: Ethics in Business

  • Importance of ethics in business
  • What constitutes ethical behavior and its relation to corporate accountability under Sarbanes-Oxley
  • Case studies of good and poor governance

Days 4-5: SEC Recent Issuances on Corporate Governance

  • Covered recent issuances on corporate governance, related party transactions, and use of various SEC compliance forms
  • Revised Corporation Code of the Philippines and SEC financial reporting rules for compliance officers

Day 7: Practical Tax Compliance

  • In-depth look at business registration, taxes covered, and modes of BIR tax filings
  • Emphasized importance of proper closure when a business ceases operations

Day 8: Sustainability Reporting Management

  • Focused on sustainability reporting management for publicly-listed companies

Day 9: Data Privacy Compliance

  • Explored data privacy compliance requirements

Day 10: Panel Discussion on Philippine Competition Commission and Anti-Money Laundering Act Compliance

  • Featured a panel discussion on Philippine Competition Commission and Anti-Money Laundering Act Compliance

Conclusion and Certification

The final session on April 5 awarded certificates to participants who completed the comprehensive training program. The initiative is expected to significantly enhance corporate governance and compliance in the Philippines, ultimately benefiting businesses, investors, and stakeholders alike.