Compliance | Business Ethics | Risk Management | Corporate Governance | Corporate Governance
Best practices in policies, standards and internal control: essential foundations for corporate integrity
The implementation of an effective system of policies, standards and internal control is one of the fundamental pillars of modern corporate governance. In an increasingly complex regulatory environment, organizations must not only comply with legal requirements, but also adopt ethical and compliance standards that strengthen the confidence of investors, partners and society.
The strategic importance of internal control
Internal control is defined as a set of practices driven by senior management to ensure the achievement of objectives, financial transparency and regulatory compliance. It is a dynamic system that supports the ethical and efficient behavior of the company.
There are several classifications: preventive and detective, manual and automated controls. They are also known by terms such as "internal controls", "integrated framework", CIP or GFC, depending on the regulatory context.
Regulatory landscape: Brazil, USA and European Union
Anticorruption (12,846/2013) and Decree 8,420/2015. These regulations promote operational efficiency and corporate responsibility.
In the United States, landmark laws such as Sarbanes-Oxley (SOX), the Dodd-Frank Act and FATCA introduced more rigorous frameworks for corporate transparency.
The European Union has adopted different models: the Nordic (decentralized), the Latin (centralized) and the hybrid. In addition, uniform practices are promoted through the IPPF and the Central Harmonization Unit.
ISO standards applicable to compliance and internal control
ISO standards represent key international standards:
ISO 37301: replaces ISO 19600, focused on compliance management systems.
ISO 37001: aimed at preventing bribery and promoting transparency.
Although its adoption is voluntary, its certification enhances institutional reputation and global credibility.
Internal regulation: the DNA of effective control
Beyond external requirements, companies must develop internal standards consistent with their culture, structure and risks. These should address issues such as risk management, money laundering prevention and business continuity.
An effective system must be realistic and tailored to the size, industry and risk exposure of the organization.
Ethical culture, transparency and structured accountability
Corporate ethics should be practiced at all levels. The Code of Ethics should include clear measures against violations, fostering an environment of trust and accountability.
Transparency of information, especially financial, is vital for good decision making. In addition, secure channels for whistleblowing must be established.
The three lines of responsibility
A clear structure improves the functioning of internal control:
1. First line
Operational management that responds directly to risks.
Second line
Compliance and risk management professionals who oversee and implement policies.
Third line
Independent internal audit, which continuously evaluates the effectiveness of the system.
Senior management and the board of directors also play key roles in the validation and constant improvement of the integrity system.
Final considerations
Building a solid internal control system requires more than good intentions. It involves an active commitment to ethics, transparency and continuous training.
At Petroshore Compliance, we support companies in developing resilient and sustainable organizational cultures. To learn more about these topics, please access the specialized courses of the PCBS Campus on ISO 37301, ISO 37001 y whistleblower channel management.
Frequently Asked Questions:
✔ What are good practices in policies, standards and internal control?
These are guidelines and procedures designed to ensure that a company operates with integrity, complying with regulations and ethical standards.
✔ Why is internal control important in a company?
Because it ensures financial transparency, prevents fraud and improves operational efficiency, strengthening stakeholder confidence.
✔ What international standards govern internal control?
Among the most relevant are ISO 37301 for compliance and ISO 37001 for bribery prevention, in addition to the COSO framework.
✔ How to implement an effective internal control system?
Through policies adapted to the company's context, continuous training and a clear structure of responsibilities.
✔ What are the three lines of responsibility in compliance?
They are a methodology that divides roles: operational (1st line), supervision and risk (2nd line) and independent audit (3rd line).
Want to know how to implement ISO 37301 in your organization? Contact our consulting team
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