Compliance and Communications: The Convergence Latin American Boards Can't Ignore

It is no secret that communications and marketing decisions are directly influenced by political and legal developments. That environment is made up of laws, government offices, and pressure groups that influence and limit both companies and individuals.

However, I am not writing this article to highlight the negative. Legislation also creates new opportunities for business. For example, the regulations requiring recycling have triggered an unprecedented boom in that sector and the emergence of numerous brands that manufacture products with recyclable and sustainable materials.

Communicators must know in depth the fundamental laws that protect competition, consumers, and society at large. The number of pressure groups has grown considerably in recent years. Political action committees press public officials and executives to pay more attention to the rights of consumers, users, customers, women, minorities, and others.

To raise the level of social responsibility in corporate communications, a strategy on three fronts is required: appropriate ethical conduct, appropriate legal conduct, and socially responsible conduct.

Companies must practice "social consciousness" when dealing with customers and stakeholders, since more and more people want information about a company's social or environmental record before doing business with it, investing in it, or working for it.

Conclusion: the companies that find new solutions and values within the framework of compliance and social responsibility are the ones with the greatest chances of success.

Concepts: what is Corporate Compliance?

Corporate Compliance is a set of procedures and good practices adopted by organizations to identify and classify the operational and legal risks they face, and to establish internal mechanisms for prevention, management, control, and response to those risks.