Efetividade das políticas de compliance : um estudo realizado em empresas listadas na B3

Abstract

This article had the tendency to analyze the effectiveness levels of the Compliance Policies in the companies listed in category B3 in the year 2018. The research was carried out using the performance indicators as indicators of performance for the year 2018. satisfactory. The study focused, from a managerial perspective, according to the compliance area, such as the companies listed in the governance levels of B3. necessary corrections. The theme has become relevant due to its potential contribution to the viability of a dissemination and consolidation of a welcoming culture, internal conduct strategy and legal policy. The theoretical framework addresses a theory of society, corporate governance, internal control, fraud in the corporate environment and, finally, how compliance issues fit into this context. Regarding the method, a research with the descriptive nature with the quantitative approach. It was used a little structured with 4 blocks, containing and also affirmative with dimensioning of responses in the likert scale. The same was made available in electronic media from september to december 2018. All 189 companies listed in segments N1, N2 and NM of B3 were contacted. Of this amount, 75 companies returned the contact. However, only 16 companies confirmed voluntary participation. From the results, it was verified that eleven companies (68.75% of the sample) can achieve a high level of effectiveness regarding the applicability of the main compliance policies. Three companies (18.75% of the sample) are classified in an intermediate or sustainable level of effectiveness, suggesting that, in these companies, some compliance policies may be in full adaptation period. Only 12.5% of the sample, two companies listed in the Novo Mercado (NM), obtained insufficient results, which constitutes a low level of effectiveness. It should be noted that the Novo Mercado is the segment that represents the highest level of governance of B3. Therefore, the negative result of these two companies suggests that they are running the eminent risks of regulatory sanctions. Faced with some limitations, the results presented do not allow us to make generalizations. However, it is observed, similar to the one that occurred in the survey that evaluated the compliance maturity published by KPMG in 2018, that most companies already can perceive that the competitive differential of a compliance program is related to the effectiveness of the policies adopted.