The enactment on August 1, 2013 of Federal Law 12,846, known as the Anti-Corruption Law, definitively put Brazil on the map of fighting corruption and defined new challenges for the management of Brazilian organizations, bringing the actions of identification, assessment and measurement of risks to the top of senior administrators’ priorities.
The law punishes companies for corrupt acts against the Brazilian or foreign public administration. This punishment goes well beyond fines and sanctions, and involves intangible values that are hard to measure, such as the image and reputation of an institution.
In response to this move toward greater transparency and control and against corruption, FGV created its Internal Control and Compliance System, with the objective of guaranteeing, with reasonable assurance:
- Prevention, identification, monitoring and mitigation of potential risks;
- Compliance with applicable laws and regulations;
- Integrity and reliability of information;
- Promotion of the efficiency and efficacy of operations, seeking to:
- Achieve its strategic targets and objectives as well as its mission, vision and values;
- Protect its assets against waste, fraud and inefficiency.
For more information on FGV’s Code of Conduct and Ethics and Anti-Corruption Policy, click here.