The IE-Elecnor Observatory on Sustainable Compliance cultures organizes an event with experts to discuss compliance culture in SMES
We live in an era of heightened social sensitivity to business ethics and corporate responsibility amid an increasingly complex legislative environment. Against this backdrop, a number of significant social, political and environmental challenges have arisen. In this context, it is more essential than ever that we adopt a culture of compliance.
Although compliance is not a new term, it has recently become one of the most fundamental issues at the heart of any organization’s strategy.
In response to this emerging trend, the IE-Elecnor Observatory on Sustainable Compliance Cultures held a virtual meeting on January 28 to discuss compliance culture in SMEs. The event was entitled, "Compliance in times of uncertainty: how to promote a culture of compliance in small and medium-sized enterprises?” The Observatory brought together a range of experts and professionals in the field, who discussed both the specific challenges faced by SMEs in fostering a culture of compliance and the various strategies for implementation.
Presented and chaired by the Dean of IE Law School, Soledad Atienza, the event began with a speech by Pedro Enrile, Secretary General of Elecnor and Legal Director of the Elecnor Group. Enrile commented that, “In SMEs, compliance culture is still incipient and there is a lack of understanding and difficulty when it comes to implementing compliance systems. It is essential that we help SMEs so that they can adopt the same principles and procedures that we have in large companies."
Following this introduction, Enrique Aznar, Lawyer, Compliance Officer and Professor at IE Law School, gave a masterclass in which he shared the tools and methodology for implementing a compliance-based culture. Professor Aznar stressed the importance of establishing a code of conduct that reflects corporate values and purpose while encouraging employees’ participation.
Next, it came a roundtable moderated by María Hernández, Partner at Eversheds Sutherland and Chair of Compliance at LatAm Alliance with the participation of José Ramiro Valcabado, Compliance & Governance Manager for Spain and Portugal at General Electric; Gonzalo Sánchez Alber, Chief Compliance Officer and Director of Internal Audit at the Elecnor Group; and Fernando Fraile, Chief Compliance Officer at Iberdrola Spain.
During the roundtable, attendees shared experiences from various companies and discussed a range of topics including: the differences between implementing a compliance program in an SME and a large enterprise; how to compensate for the lack of resources in an SME when implementing a compliance program; and how the impact of the pandemic has affected their frameworks.
JOSERRA VALCABADO, General Electric: "For me, the problem is cultural. Compliance is about culture, ethics and doing things the right way. From management down, employees must be convinced that compliance adds value."
GONZALO SÁNCHEZ ALBER, Elecnor Group: "Companies don’t need to expend a lot of resources to push forward with compliance. If we are convinced of what we want to be as an organization and where we want to go, then we are talking about implementing a code of ethics. If we do this with conviction, we will already have taken an exponential step forward."
FERNANDO FRAILE, Iberdrola Spain: "The pandemic has undoubtedly affected more than just our sector. In our company, some areas were more impacted than others, but we had already identified the risks and had our finances in order. You always have to stay alert."
The event concluded with a round of questions from the audience, who were viewing the event virtually.