Regulatory compliance is based on a set of good practices and procedures adopted by organisations to identify and classify the legal risks they face and to establish internal mechanisms to prevent, manage, control and react to them.
It can be seen how the huge amount of national legislative modification, as well as the transposition of EU Directives or the incorporation of EU Regulations into our legislation, all of which are obligatory, have made the task of control and regulatory compliance within the framework of all companies a priority.
It is abundantly clear that when the company has a robust prevention and regulatory compliance framework, it is not subject to liabilities of any kind. Moreover, having compliance protocols and manuals in place, training employees on what they can and cannot do, and looking after the company’s interests is a security plus to be taken into account by the public administration and EU institutions when tendering or carrying out intra-EU operations, as well as in all international operations.
The reputational damage to a company caused by being involved in any of the following liabilities is the main reason for having a comprehensive preventive framework in place.