Companies Must Prioritize Compliance Training for Workers
In today’s fast-paced business environment, companies must prioritize compliance training for their workers to ensure maximum coverage of known and unknown risks as they arise. According to Maryeling Guevara, Associate at ARIAS Nicaragua, “Compliance is the responsibility of all members of the company, regardless of position.”
The Importance of Compliance Training
The importance of compliance training cannot be overstated. In fact, due diligence measures must be implemented by companies to mitigate operational, legal, and ML/TF/PF-related risks. This includes:
- Identifying clients
- Verifying their identity
- Understanding the purpose and nature of business relationships
Obligations in Nicaragua
In Nicaragua, corporations are obliged to comply with the identification and registration of beneficial owners, making it essential for companies to request certificates or certifications of compliance with this obligation.
The Role of Employees
Guevara emphasizes that “it is not enough to establish all the practices or actions indicated here, but it is necessary to show the willingness of all workers and members of the companies to do things correctly.” Therefore, companies must implement due diligence measures for their employees, from recruitment to existing staff, to ensure their integrity and ability to carry out a good compliance.
Establishing a Compliance System
The article highlights the importance of establishing a system for:
- Surveillance
- Monitoring
- Evaluation
- Improvement of the compliance system
This includes ensuring compliance with good practices, subjecting risk management to periodic analysis, supervising implementation, detecting non-compliance, and providing recommendations for improvement.
Seeking Expert Advice
Guevara notes that consulting and seeking advice from experts in compliance matters is also essential. In fact, it is advisable to engage external audits by independent professionals outside the company to assess operational efficiency and propose necessary corrections or improvements.
Conclusion
A comprehensive compliance system is an invaluable tool for companies, allowing them to:
- Protect themselves against sanctions or damages for non-compliance
- Facilitate operations
- Enable constant growth and improvement