What is Compliance?

Excellence in regulatory compliance

Compliance is not limited to a set of rules and procedures. It is a philosophy that permeates all levels of organizational culture, promoting values such as ethics, transparency, and good corporate governance.

What is Compliance in a company?

Compliance is a set of practices, rules, and processes that an organization implements to ensure that its activities conform to the laws, regulations, norms, and ethical standards applicable to its sector and context.

What are the aims of business compliance?

The aim of business compliance is to create an environment of trust and responsibility. A space where employees feel empowered to act ethically and responsibly, even in difficult situations.

Importance of business Compliance: advantages and benefits

Corporate compliance has become a fundamental tool to ensure the long-term sustainability and success of companies, regardless of their size or sector.

It brings a set of advantages that positively impact the health and growth of the organization:

Protection of assets and financial stability

Compliance reduces the risk of sanctions, fines, and even legal proceedings, safeguarding the company's assets and financial stability. It also minimizes the costs derived from legal and reputational management.

Strengthens image and reputation

It conveys trust to stakeholders (clients, suppliers, employees, and investors) by demonstrating a commitment to ethics and transparency. It improves the perception of the company as a responsible player in the market.

Fosters an ethical and responsible culture

It motivates employees to act with integrity and responsibility in their daily work. It creates a positive and collaborative work environment based on mutual trust.

Improved efficiency and productivity

It avoids mistakes and costs derived from non-compliance with regulations, optimizing internal processes. It promotes efficiency in risk management and strategic decision-making.

Builds trust

A well-structured Compliance system strengthens the company's credibility with its stakeholders. Customers perceive greater security when contracting products or services, suppliers trust the strength of the business relationship, and investors find guarantees that the organization adequately manages risks. This trust translates to competitive advantages and increased loyalty.

Disclaimer of liability

The correct implementation of Compliance programs can act as a mitigating factor or even exempt the company and its managers from liability in the event of breaches committed by third parties or by individual employees. Having clear protocols, codes of conduct, and oversight mechanisms demonstrates diligence and commitment, protecting both the organization and those running it from potential legal consequences.

Most common types of compliance

In business practice there are different areas of compliance that apply depending on the nature and needs of each organization:

Criminal compliance: focused on preventing crimes within the company and establishing control mechanisms that avoid legal responsibilities.
Fiscal and financial compliance: aimed at complying with tax, accounting, and economic management regulations.
Labor compliance: guarantees respect for labor regulations, equal opportunities, risk prevention, and fair working conditions.
Environmental compliance: ensures that the company's operations comply with environmental regulations and reduce their impact on the environment.
Data protection compliance: linked to privacy and the proper processing of personal information in accordance with GDPR and other applicable regulations.
Compliance in the prevention of money laundering: especially relevant in financial and business sectors exposed to risks of illicit operations.

How to implement Compliance in a company

The implementation of an effective corporate Compliance program is fundamental to building a culture of ethics and responsibility in the company. This process requires a series of key steps:

Definition of clear policies and procedures: it is necessary to establish a regulatory framework that defines how the company is committed to complying with laws, regulations, and internal standards. These policies must be clear, concise, and accessible to all employees.
Comprehensive staff training: Compliance training is crucial for all employees to understand the importance of compliance, individual responsibilities, and best practices for their daily work.
Regular audits and follow-up: Compliance with standards should be monitored regularly through internal audits. This allows areas for improvement to be identified and corrective action to be taken when necessary.
Implementation of corrective actions: in the event that a violation is detected, the company must act quickly and take the necessary disciplinary and corrective actions to prevent a recurrence.
Foster an ethical and responsible culture: Compliance is not only about complying with regulations, but also about building an organizational culture based on ethics, transparency, and accountability. The company must promote an environment where integrity is valued in all its operations.

Functions of the Compliance Officer

The Compliance Officer is the professional responsible for ensuring that the company complies with current regulations and minimizes legal risks. Their role is key to maintaining the trust of customers, employees, and investors.

Their main functions include:

Ensuring regulatory compliance: interprets applicable laws and ensures that the company's operations comply with them.
Designing internal policies: creates clear protocols that guide the actions of all employees.
Preventing criminal risks: identifies possible breaches and establishes controls to avoid them.
Supervising and auditing processes: reviews internal activities and procedures to confirm that they are carried out ethically and legally.
Advising the organization: guides managers and teams on legal obligations and best practices.

Repsol and Compliance

We believe that ethics and responsibility are the foundation for success. Our values inspire the actions we take to achieve our goals and guide us on our path to becoming a global company that generates value for the advancement of society.

To fulfill this commitment, we carry out concrete actions:

1. A strong and effective Code of Ethics and Business Conduct

More than a set of rules, it is a compass that guides our daily professional behavior. It defines the principles and values we share as a team, from employees to partners and suppliers. To ensure its implementation, we have enabled an Ethics and Compliance Channel open to all, available 24/7. This platform allows any incident related to the Code or possible legal or regulatory non-compliance to be reported

2. A Comprehensive Compliance Model led by experts

We have developed a comprehensive Ethics and Compliance Model to protect our business, team, and company from legal and reputational risks. This model is based on our Compliance Charter, a document that defines procedures and reflects our firm commitment to ethics and integrity.

3. A tangible commitment to Compliance culture

We make it easier, through various tools, for all our employees to commit to the area of Compliance and the ethics culture. To do so, we develop different initiatives, such as Compliance Day, Compliance Awards, and continuous training.

4. Clear, accessible, and globally applicable Compliance regulations

Knowledge of and adherence to Compliance regulations is the responsibility of all employees, and is essential to ensure ethical and upright behavior in all our activities. Our extensive regulations, which cover 6 areas of action, establish the guidelines for managing relations with our different stakeholders.

If you are looking for a job where you can develop your professional potential in an environment of trust, personal growth, and teamwork, check out our job openings and join Repsol.

Join our team!

Launch your career in big data, data science, and help us to create the future of energy.

Discover our openings