Corruption Crime & Compliance [Replay] Nicolas Garcia, GC at Orica, on Compliance Trends and Challenges in Latin America
This week we are pleased to bring you one of our most popular episodes of 2024. Please enjoy, and we will be back next week with more insights from the Corruption, Crime, and Compliance podcast.
How can companies build trust and drive growth in a region as politically and economically volatile as Latin America? In this episode, Nicolas Garcia - Vice President, Legal, Regional and Compliance Manager for LATAM and Orica - joins Michael Volkov to discuss the complexities of navigating compliance and leadership in LATAM. The conversation highlights how regional dynamics, such as the crisis in Venezuela, influence business operations and how cultural shifts are changing the role of compliance officers. Nicolas provides valuable insights on the evolving compliance landscape, emphasizing the importance of trust, leadership, and a strong compliance culture in driving business success in challenging environments.
Listen in as Nicolas and Mike discuss:
- The ongoing political and economic crisis in Venezuela has led to massive immigration into neighboring countries like Colombia, Chile, and Brazil, creating both economic challenges and opportunities in the region.
- Guyana is experiencing rapid growth due to foreign investment, particularly in the oil and gas sectors, standing in stark contrast to Venezuela’s decline.
- Nicholas emphasizes the shift from compliance officers being seen as enforcers to becoming strategic business partners. This transition helps companies not only meet regulatory requirements but also drive success.
- Establishing a trust-based relationship between compliance officers and leadership is essential. When compliance is integrated into the business strategy, it becomes a tool for enabling growth rather than a barrier.
- Trust in reporting systems is growing in Latin America, though fear of retaliation remains a concern. Anonymous reporting is on the rise, and substantiation rates are increasing as employees gain confidence in the system’s integrity.
- Ensuring that investigations follow due process is critical to maintaining credibility in compliance programs. It also helps improve trust and the success rate in legal outcomes.
Resources:
Nicolas Garcia on LinkedIn
Nicolas Garcia on Email: Nicolas.Garcia@Orica.com