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Compliance Risk Management in Peru: A Step Towards Reducing Corruption Risks
July 1, 2017 marked a significant date for compliance risk management in Peru, as law number 30,424 came into effect. This law regulates administrative responsibility for legal entities involved in transnational active bribery.
Exemption from Liability
Companies can be exempt from liability if they adopt and implement a compliance program prior to the commission of the crime. This emphasizes the importance of having an effective compliance program in place.
Minimum Requirements for Compliance Programs
Article 17.2 lists minimum requirements for compliance programs, which are yet to be developed in the law’s regulation. However, Legislative Decree number 1352 broadened the scope of legal entities’ administrative responsibility just seven months later, empowering the executive branch to approve and enforce minimum compliance program requirements.
Regulation Published by Justice and Human Rights Ministry
The regulation published on the Justice and Human Rights Ministry’s website provides a glimpse into what to expect. While it covers most requirements for an effective compliance program, as guided by ISO 37001, it lacks specificity in certain areas, such as:
- Required qualifications of personnel responsible for implementing and evaluating compliance programs
- Due diligence procedures
Implementation for Mid-Sized, Small, and Micro Companies
The regulation dedicates a chapter to the implementation of compliance programs for mid-sized, small, and micro companies. These companies only need to meet one minimum requirement from article 17.2 of the law.
Uncertainty and Long-Term Impact
While the new regulations provide guidance on what kinds of compliance programs would help exempt companies from legal consequences, the lack of specificity creates uncertainty for firms seeking to implement robust compliance programs. The long-term impact of these regulations remains to be seen, but they do mark a step towards addressing corruption risks in Peru.
Conclusion
In conclusion, while the new regulations provide guidance on what kinds of compliance programs would help exempt companies from legal consequences, the lack of specificity creates uncertainty for firms seeking to implement robust compliance programs. The long-term impact of these regulations remains to be seen, but they do mark a step towards addressing corruption risks in Peru.