The first Latin American Forum on Governance, Risk and Compliance in the oil and gas sector, organized by the Regional Association of Oil, Gas and Biofuels Sector Companies in Latin America and the Caribbean (ARPEL) and the Brazilian Petroleum Institute (IBP) was held in Rio de Janeiro.

This important event was attended by academicians, specialists, business executives, representatives of institutions and government agencies from different countries of the region.

"In ARPEL, as a forum of convergence of oil and gas companies operating in Latin America and the Caribbean, we have defined this issue as being of vital importance in order to create awareness on its significance, and exchange experiences and lessons learned,” Amanda Pereira, Director of Strategic Affairs of ARPEL, said.

Pereira emphasized, "This forum will allow the Association to define lines of action through a working group composed of expert delegates of its member companies with the aim to support the process to improve the standards in the region, so that good practices can be multiplied into its value chain throughout the industry."

Some of the major themes addressed during the forum were the practices to combat corruption in the oil and gas sector, operational, economic, regulatory, social, environmental and corporate risks, principles and practices of corporate governance, and models of governance, risk and compliance.

The President of Hunt Business Intelligence, Steve Hunt, said, "Today, the way to manage our companies is no longer a private matter; it is reported in the media and in the stock market.  Today, the way in which we manage our companies is of interest to all."

Hunt said that when we talk about compliance, it is about “complying with policies and basic requirements to manage the business in a responsible manner." While risk management is "to control threats in a dynamic, high-technology environment," governance is "the performance of an efficient and effective business operation."

Carol Fox, Director of Strategic and Enterprise Risk Practice (RIMS), said, "The protection of value is important and this is why we think of safety and implement controls, programs of business continuity to protect that value. There are several examples of how companies can create value, and I believe that risk is a potential element that can improve or worsen the results of the company."

"The best scenario is the one in which there is collaboration between governance, risk management and compliance to provide strategic support through information and shared experience," the expert highlighted. She added, "The responsibility for risk management belongs to all, not only to the person who is reporting them."

"An alignment in strategy requires putting an end to the puzzle, where all work differently and the parties do not communicate with each other. It is necessary to align strategy efforts in a common language, with the integration of a common risk profile. Then, we will have a picture of the risk from a systemic view. The message is: if we all work together, much more can be done to achieve the company's objectives in the best way," Fox concluded.

Also present at the First Latin American Forum on Governance, Risk and Compliance in the Oil and Gas Sector was Chief Minister of the Office of the Comptroller General of Brazil Jorge Hage, who delivered a keynote address entitled "The Global Movement to Combat Corruption and the Brazilian Legislation."

In his speech, Hage referred to the Brazilian legislation and the new Anti-Corruption Law 12,846, which is now, he said, "the piece of legislation that has aroused the interest of all", and clarified that he calls it the Clean Company Law "because I prefer its preventive,  stimulating effect of adopting good practices in companies, rather than its negative side of anti-corruption".

"The increase in international transactions leads to a deeper analysis of the consequences and impacts of corruption in international business, associated with the easy transit of financial flows among countries favored by technologies, the global network of computers and by all the technological devices existing today in our contemporary life. These elements have made the issue of the fight against corruption (an evil that exists since the creation of the world) go beyond the boundaries of each country to reach a level at which there are only two options: either countries agree, understand, and establish a set of common actions to deal with corruption, or nobody will achieve great success in that fight, if it is undertaken in isolation, domestically," Hage concluded.