Navigating the Realities of Emerging Markets: Compliance in Context
All corporate compliance programs share a common feature: to ensure that the company obeys the law and that all organizational members behave ethically. However, multinational companies operating in a country like Mexico, for example, face issues very different from those of Germany -- a reality that many codes of conduct fail to recognize. The author's research on compliance programs in the emerging economies of Latin America reveals the special challenges that compliance officers in these markets face. How the differences are dealt with is usually a function of the organizational culture, especially the ethical tone set at the top. This article explains how management priorities and the rollout of compliance programs must be adapted to on-the-ground realities in specific business contexts around the globe.