By Laura Muñoz, teacher "Compliance specialties: pharmaceutical sector, insurance, public sector and others” in the master's degree in Compliance & Data Protection Directorate of the EIP International Business School wanted to share with us the following post
Covid'19 VS Compliance: Spain
The pandemic that has affected the entire world has changed our lives, not only personally, but also professionally. Let's analyze how it has affected the Compliance department, specifically in Spain.
Spanish companies have found themselves in the need to make their regulatory compliance controls more flexible, especially in the commercial area due to the large volume of operations due to panic and the limitation of resources such as time, face-to-face meetings, lack of resources, etc. The personal situation has been put before regulatory demands, thus changing our priorities.
As we well know, the commercial area is considered the first line of defense for companies, acting as a first filter to initiate relationships with third parties. For this reason The Compliance department has redesigned its preventive controls in a period of time between the state of alarm and the new normal, thus allowing the business continuity of the different companies, with the support of regulatory bodies.
At the same time, the monitoring of operations classified as suspicious has been reinforced, taking into account risk exposure once compliance controls have been made more flexible. Along the same lines, continuous communications have been maintained with the commercial area, remembering what these operations are and how to act in the event of encountering this type of situation. Coordination with this area has been essential, since they have provided guidelines to the Compliance department so that the proposed controls are effective and consistent with the clients' situation.
Seeing the importance of regulatory compliance and the difficulty of working in an atypical situation such as a pandemic, it is important to have a robust Compliance department, which implements preventive control measures, guaranteeing that regulatory demands continue regardless of the situation.
Do you want to specialize in Compliance Management and data protection?
He Master in Compliance & Data Protection Management will make you a highly qualified professional with the necessary skills to carry out specialized tasks in two of the most relevant areas for both private businesses as for public administrations: data protection and regulatory compliance or Compliance.
