Focus on the compliance function as a business partner

In a world where sustainable business plays a crucial role, we see more companies placing integrity as part of their core values. Such substantial steps set the challenging task of building a sound compliance culture to help the company achieve its objectives while conducting business without compromising integrity. In this context, the compliance officer is key, participating actively in the decision-making group and discussing long-term plans. Compliance officers must ensure that they understand the business and its needs while performing soundly in a fast-paced, commercially driven environment; this facilitates legitimising the organisation’s function.

Business integrity offers a sustainable path for long-term growth. Thus, companies embracing it as a business culture shall be convinced that compromising on its value may expose the company to reputational and legal consequences that outweigh any benefits from closing a doubtful deal. In practice, this implies disregarding those business opportunities when integrity is at stake and reducing the company’s market share in favour of competitors that may not necessarily share the same values.

Implementing a sound compliance culture is a problematic endeavour and implies the involvement of the distinct levels in the organisation. A culture of compliance requires the support of everyone in the company, starting with the top management and senior leaders, but particularly, the efforts of a compliance officer who sits in a leadership role and acts as a partner for the business.

The compliance officer must show its value to the organisation and legitimise its role as a business aid. This is not a simple task. For example, it is expected that commercial teams see compliance as a rigid and bureaucratic function, which is not capable of seeing the bigger picture. Therefore, compliance officers must demonstrate that they understand the company and its business and can provide commercially oriented solutions. Only then will the compliance function be able to build a meaningful relationship with the other relevant functions and overcome its challenges in positioning the team as a trusted strategic partner.

We see a trend where integrity and compliance play a crucial role in the company’s values and business growth plans. Although challenging to implement, companies relying on its compliance culture have embarked on a path for solid and sustainable growth. When discussing essential business decisions and strategies, compliance must have a seat at the table. In contrast, the compliance officer shall ensure that it can show where they add value, placing itself as a trusted partner for the business and an aid in obtaining the company’s goals.