Management of Compliance Risks
Tracking or monitoring makes it possible to determine if all components of the prevention plan are operating effectively and if the weaknesses identified related to fraud, corruption and ML/TF are communicated promptly to staff with managerial responsibility, i.e., the compliance officer and the Board´s Audit Committee.
Effective monitoring work contributes to root cause analysis (why these events occur) and to identifying what processes are vulnerable to these risks, and on that basis develop specific work plans.
Initiatives that are undertaken in this area:
- Design and implementation of a Monitoring Process.
- Consolidation of synergies with key areas (within the company and national institutions).
- Design and creation of the Risk Map.
- Integration with the Internal Control System (ICS).
- Identification and monitoring of Information Security Incidents.
Based on the information contained herein, regular reports are produced on the work done on the prevention of fraud, corruption and ML/TF risk.