Support for Implemented or Implementing REGULATORY COMPLIANCE Systems

Area: Corporate Compliance
Author: Jesús Morera Montes
Date: October, 2015

Compliance: Outsourcing.

Support for Implemented or Implementing REGULATORY COMPLIANCE Systems

As you are aware, pursuant to Organic Law 1/2015, the CRIMINAL CODE requires a prevention or compliance system with specific requirements and conditions stipulated in the current articles 31.bis.2, points 1 to 4, of the Criminal Code, in order to achieve total exemption from criminal liability for both the Company and any potentially affected Administrative Bodies or Directors.

The objective of total exemption requires the application of a continuous improvement process based on detected risks or changes affecting the organization.

The outsourcing of the continuous improvement service can be developed in various areas, for example, from general/specific audits to the proposal of corrective measures, adaptation of processes or manuals, resolution of queries or issues requiring specialization or dedication, as well as support for the Compliance Officer or even the development of such a function as an external party.

Regarding the external Compliance Officer, it is worth highlighting the content of Article 31 bis.2.2ª, which establishes that the supervision of the operation and compliance of the implemented prevention model must be entrusted to a body of the legal entity with autonomous powers of initiative and control, or that is legally assigned the function of supervising the effectiveness of the legal entity’s internal controls.

Its own content recognizes the possibility that an entity initially external to the legal entity itself, after becoming part of the company, is legally entrusted with such a supervisory function of the compliance system or collaborates with the legal entity’s body responsible for it, as it is evident that the person entrusted with supervising the effectiveness of the legal entity’s internal controls must be external.

In fact, and generally, international self-regulation systems recognize that a greater degree of outsourcing of the function or services that comprise supervision provides more assurance of independence and transparency.

Let us bear in mind that the purpose of the Regulatory Compliance System is not only to achieve exemption from criminal liability for the company but also to demonstrate a clear and unequivocal willingness to comply with regulations.

IN DIEM offers the necessary resources to adapt previous, existing, or implementing REGULATORY COMPLIANCE PROCESSES to reinforced systems, adapted to current and international regulations, providing greater assurance of the exemption objective, as well as to provide the external support services required by your regulatory compliance system.