As global enterprises continue to pursue market opportunities in Latin America, they are experiencing operational risks due to the constantly changing dynamics of business-to-government regulations across individual countries in Latin America. Failure to comply with these regulations can impact critical business functions, not only resulting in millions of dollars in fines and penalties, but also shipping delays and operational shut-downs. In the most complex regulatory environments, these mandates even affect sales, procurement and HR functions.
Each country in Latin America varies significantly in terms of specific requirements and risks of compliance errors. With strict government regulations that can change almost overnight, companies are struggling to keep up with how these requirements differ by country.