Strengthening the compliance function is one of the priority actions of Red Eléctrica due, among other reasons, to the requirements to which the Company is held to account by its stakeholders with respect to maintaining high levels of service excellence and the highest ethical standards in the performance of its functions, and also due to the increasing geographical diversification of the Red Eléctrica Group and the progressive expansion of the horizon of its activities.
Red Eléctrica has a Compliance System in place that is aligned with best practices in the field in order to provide the organisation with a support framework in the fulfilment of the obligations and commitments undertaken. The compliance function aims to promote a global and anticipatory vision of compliance risks and ensure an efficient control thereof, guaranteeing the coordination and standardisation of its management at a corporate level.
The main objectives of the compliance system are:
- Promote a corporate culture based on ethics and compliance.
- Achieve a global vision of compliance within the organisation.
- Have a compliance management system that is uniform and cross-cutting.
- Strengthening the preventive nature of the compliance function.
According to the commitment of responsible and sustainable management of the Red Eléctrica Group and, in accordance with best management practices, the organisation has a Compliance Unit integrated into the Internal Audit and Control Risk Management Area.
Compliance risk assessments
Red Eléctrica has defined a specific methodology for the assessment of compliance risks, aligned with the corporate risk assessment methodology, in order to have a detailed diagnosis not only of the inherent risks faced by the organisation regarding compliance but also of the existing control framework to prevent such risks.
Development of a compliance culture
Training and awareness are key factors for the development of a compliance culture within the organisation. Participation in awareness raising actions and compliance training is unavoidable for the personnel of the Company. The content of these actions is adapted to the needs and responsibilities of the functional areas and business activities impacted of the Red Eléctrica Group.
The Compliance Unit is responsible for promoting adequate awareness and disclosure to the entire organisation regarding the relevance and strategic nature of the Compliance System for the Red Eléctrica Group within the integrity culture of the organisation.
Red Eléctrica continuously carries out actions, that include the participation of experts in compliance matters, to raise awareness and disseminate the Compliance System to members of the organisation. It also has a Compliance Forum for the communication and exchange of general information on the compliance function, and the latest news and changes and best practices produced at a national and international level in this field.