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MONTT GROUP MAGAZINE - 2024
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corrections and improvements.
risk assessment
Companies must carry out periodic risk assessments to identify and mitigate possible areas of vulnerability, considering a comprehensive risk assessment and including all aspects of the company’s operations, including areas such as finance, human resources, supply chain, and relationships with business partners and suppliers, this would ensure that all potential areas of vulnerability are identified and addressed. The assessment must identify specific risks related to corruption, money laundering and terrorist financing, which may include risks associated with certain geographies (given that there are certain areas of the country that are more prone to corruption and money laundering). , industry sectors (there are economic sectors that are used for money laundering practices), or types of transactions (separating those that have a higher degree of incidence in suspicious operations). Based on the results of the risk assessment, the company must develop and implement risk mitigation plans, including specific measures to reduce the probability and impact of the identified risks; In addition, the results of risk assessments must be used to continually update and improve the company’s Compliance Programs, ensuring that policies and procedures are always aligned with current, contingent and emerging risks. impact on the private Sector
The implementation of Law No 31,740 has a significant impact on the private sector, driving substantial changes in how companies operate and are structured to ensure compliance and prevent economic crimes, given that companies are required to invest in the implementation and maintenance of Compliance Programs and other preventive measures, which leads to an increase in operating costs.
We can point out the following points of economic impact for companies:
a) Hiring Compliance Officers: Companies must hire specialized Compliance Officers who are responsible for supervising the implementation of compliance policies and procedures.
b) Audits and Continuous Monitoring: Carrying päG :42
out internal and external audits to evaluate the effectiveness of compliance programs and detect possible areas of improvement.
c) Employee Training: Ongoing training programs to educate employees about ethical regulations and practices, which requires significant resources.
d) Technological Infrastructure: Investment in information technologies to manage reporting systems, risk monitoring and compliance with regulations.
e) Long Term Savings: Although these initial investments can be significant, in the long term they can result in substantial savings down the road, avoid sanctions, costly litigation, damage to reputation and corporate image (significant reduction in reputational risk).
the impLementation of LaW No 31 740 has a significant impact on the private sector, driving substantiaL changes in hoW companies operate and are structured to ensure compLiance and prevent economic crimes, given that companies are required to invest in the impLementation and maintenance of compLiance programs and other preventive measures, Which Leads to an increase in operating costs.
On the other hand, this impact promotes a cultural change within companies towards greater ethics and compliance, transforming the way in which businesses are conducted, which is why it is common for companies with a high level of competitiveness to have a culture of integrity. and transparency in all its operations, ensuring that all employees, from senior management to the operational level, understand and adopt the ethical values of the organization, this is possible with a strong commitment from senior management and business leadership , who must act as role models and promoters of compliance practices.
It should be noted that a solid culture of compliance, coupled with consistent corporate ethics, can not only attract and retain talent, but also significantly reduce the costs and
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