Could you share an example of a time when you came up with an innovation that improved the way your compliance team works and didn’t come at a huge cost?

We use the Kanban Method to organise the current work items and see who is responsible for what at any given time. For each task, we use sticky notes on a wall to visualise the workflow. This helps us stay up-to-date on the cases that need working on at any given point, and tells us who worked on them last, and the timeframes in which they need to be completed.

What are some of the key developments (legal, geopolitical, or otherwise) that have affected your business over the past year?

In the last year, there were regulatory changes related to the implementation of FATF (financial action task force) recommendations related to fight against AML/CFT, since Bolivia is going through the fourth round of mutual evaluation of the GAFILAT (financial action group of Latin America).

How do you think the role of internal compliance will evolve in the coming years?

In the last years there has been an evolution on the concept of compliance in organisations. This evolution was framed in creating an institutional culture in terms of ethics, integrity and internal and external regulation. Thus, these practices are being incorporated not only in companies at international level, but also in medium and small companies creating a multiplier effect. I am sure that, in the coming years, there will be a common denominator in organisations, and everyone will be aware of the contribution that compliance generates in the decisions of the organisations.

Do you use any legal technology products, and if so, for which areas of your work do you find them most useful?

Currently, within the compliance department, we use robots that help us to perform operational activities, such as capturing information from different systems and open sources in order to focus more on case analysis and improvement process to be more efficient. We also use ETL in Power BI for data analytics, in order to detect events that could generate a risk to the organisation and thus be able to take the best decisions at the executive level.