When thinking about South America, the first step in compliance risk management is to stop thinking about South America and start thinking about each individual country. Geert Aalbers, a Senior Partner and head of Control Risks’ Brazil and Southern Cone business, explains that the risk profiles vary considerably by country. In fact, when looking at a risk such as anticorruption, it even varies by which governmental body you are dealing with. While customs may be clean in one country, it could be a dangerous mess in the other.
Adding to the complexity, the capacity to combat corruption also varies considerably by country.
Corruption, of course, is not the only risk to think about. As Geert explains in this podcast, other risks include regulatory, security, social, economic, environmental and, increasingly, cyber and data-related risks. Brazil, for example, recently passed a new data protection law that is very similar in its approach to GDPR.
Many may think, “no problem, already have that covered.” Geert cautions, however, that data security practices in Brazil tend to be lax, creating a potential “perfect storm” of challenges for the compliance team.
Listen in to learn more about compliance risks across the continent, mistakes to avoid, and how to strengthen your compliance efforts from Argentina to Uruguay.