Compliance Risk Management in Peru Takes Center Stage

New Era of Internal Risk Management

In a significant move, Corporate Compliance Management has undergone a name change to Corporate Processes and Risk Management, with reporting lines now directly to General Management. This change signals an increased focus on internal risk management within the company.

Achievements in Internal Control System (ICS)

The company’s ICS has achieved optimal levels of maturity, boasting a rating of 3.95 on the global self-assessment scale. This qualification indicates that all necessary conditions for implementing the system are in place, formalized, operational, and supported by documentary evidence of compliance.

Risk Management Progress

Risk management progress for the period was impressive, with a notable 93.07% achieved. Additionally, 90% of total action plans established to address risks in 2022 were successfully implemented within the framework of the company’s 2019-2023 strategic objectives.

Presentations and Board Oversight

The results achieved through these systems were presented to the Board of Directors and Audit and Control Committee throughout 2022. This demonstrates the company’s commitment to transparency and accountability in risk management practices.

External Risk Management

In addition, the company has taken significant steps in external risk management. The Board of Directors is responsible for proposing criteria for selecting auditing firms before presenting them to the General Shareholders’ Meeting for approval. These criteria are incorporated into the public merit contest conducted by Peru’s Office of the Comptroller General to designate the audit firm for the company’s financial statements.

Audit Process

After the recomposition of the Board of Directors, the chosen audit firm was submitted to the General Shareholders’ Meeting for consideration and formal appointment. The audit process took place from May to September 2022, underscoring the company’s commitment to robust risk management practices.

• Key highlights:
  • Corporate Processes and Risk Management reports directly to General Management
  • ICS rating of 3.95 on the global self-assessment scale
  • 93.07% risk management progress for the period
  • 90% action plans implemented within strategic objectives
  • Audit process conducted from May to September 2022