By: María Teresa Martínez – Neto
Associate Quality AuditorMLC & Co.
Independent evaluation is essential to measure the effectiveness of regulatory compliance programsas it is a critical and objective review that determines the actual situation of companies in this regard.
While it is true that Obligated Entities must design and implement their own control and analysis mechanisms, it should not be overlooked that Law 23 of 2015, presents us with the figure of the Independent Evaluation, which is nothing more than a necessary tool in the identification of the weaknesses that said Compliance Program may have.
This process must be carried out by External Auditors or other independent specialists with proven experience on
the subject ,
the topicsince it is essential to take into account factors that are unique to each Subject, such as the activity it engages in, its complexity, the risk profile and the volume of its operations, so that the frequency
and scope of said evaluation is established according to the characteristics of each Obligated Subject.
The results obtained are very valuable because they allow for stricter controls to be established in areas where a greater need has been identified, facilitating the design of effective strategies for the prevention of money laundering and terrorist financing.
What is not evaluatedis not improved ..
Without clear reports on what you're doing well and what you need to improve, it will be impossible to stay competitive in a market that increasingly demands transparency.
Whether you are a Financial or Non-Financial Obligated Entity, let us help you measure your level of effectiveness and your areas for improvement, so that you are prepared for the future and can lead your business down the path to success.
