Tim ZylaSusana Sierra, chief executive officer of BH Compliance, is set to return to the Nexus Miami stage this October, where she will bring her extensive expertise in corporate compliance, risk management and governance to the table for discussions on doing business in Latin America.
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Sierra, who spoke at Nexus 2023, will explore how to navigate the legal, regulatory and reputational minefields that companies — especially those based in the U.S. — face when operating in Latin America.
“It’s not an easy moment, because every country has its own challenges right now — and security is one of the big ones,” Sierra said in a recent interview. “Corruption, organized crime, cybersecurity — these are all issues that are evolving rapidly in the region.”
A Shifting Landscape
Sierra said corruption remains a defining issue across much of Latin America, with growing political polarization, autocratic leadership, and economic instability driving many of the region’s challenges. However, she noted that a critical change in recent years is that the public is becoming more aware of the issues plaguing many countries.
“Maybe before, the corruption was happening, but we didn’t know. Now we know — the scandals are being reported,” she said. “But creating new regulations is only one step. Companies need to realize that it’s not just about following the law — it’s about aligning actions with purpose and values. When there’s true coherence between what a company says and what it does, compliance stops being a burden and becomes a natural outcome of doing what’s right for the business and its people.”
According to Sierra, countries like Chile are making progress by prosecuting high-profile cases and passing new laws, while others like Peru are facing a crisis of trust, with multiple former presidents under investigation or facing charges. “The real issue is trust,” she said. “When nobody trusts institutions, it makes doing business very difficult.”
Private Sector as a Force for Change
Despite the troubling trends, Sierra sees some positive momentum coming not from governments but from private companies — especially those under pressure from investors and clients in the U.S. and Europe. She pointed to growing expectations around transparency, ethics and environmental, social and governance performance.
“Today, companies are more aware of the importance of risk management and compliance,” she said. “It’s not just about avoiding legal trouble. It’s about sustainability and reputation — and that’s what drives global business relationships now.”
As a result, even smaller Latin American companies that want to work with international clients are pushing to adopt higher standards. That includes cybersecurity measures, anti-corruption policies and verifiable compliance systems.
“These aren’t just checklists anymore,” she said. “You need to be able to prove you’re doing what you say you are.”
Cybersecurity, IP and AI Risks
Sierra also plans to address the growing importance of cybersecurity and intellectual property protections in cross-border business. She said that while some companies have made major improvements in these areas, many still lack the certifications or systems required by major U.S. or European partners — sometimes losing out on deals as a result.
She recalled a recent case in which a company missed an opportunity with a U.S. client because it couldn’t meet the cybersecurity criteria required even to submit a proposal.
Sierra also raised concerns about artificial intelligence and data privacy. While she sees potential in using AI tools like ChatGPT in limited, secure ways, she has heard of cases where companies have used the nonsecure platform with confidential information, raising alarms about where data might be stored or reused.
“Everything today is about data — and reputation,” she said. “Even if you’re a local-to-local business in Latin America, one breach or scandal can destroy trust overnight.”
‘Full of Opportunity’
With governments struggling to rebuild public trust, Sierra believes that companies now bear more responsibility than ever — and more scrutiny. “There’s a window of opportunity for the private sector to lead by example,” she said. “But it has to be done carefully. One misstep from one company can damage the entire business community’s reputation.”
At Nexus Miami, Sierra will offer both caution and clarity — and help international investors and entrepreneurs understand the realities of doing business in the region, not just the risks.
“Latin America is full of opportunity,” Sierra said. “But it requires awareness, preparation and a real commitment to ethical practices. Otherwise, the cost can be far higher than expected.”
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