What is the Aveng Compliance Framework?
- Effective compliance management means meeting Aveng’s legal and regulatory compliance obligations and protecting the company from loss or damage.
- It improves the way the company does business for its stakeholders and it is vital for sustainable business.
- The importance of compliance is outlined in the Aveng Code of Business Conduct, which requires compliance to the laws which apply to the company. A breach of any legal or regulatory obligation poses an unacceptable risk to Aveng's business and will not be tolerated
The Aveng Compliance Framework is aligned to the requirements of King III in that the Board:
- Ensures that the company’s ethics are managed effectively and that an ethical corporate culture is sustained.
- Has determined the ethical standards which are clearly articulated and ensuring that the company takes measures to achieve adherence to them in all aspects of the business.
- Requires that a code of conduct and ethics-related policies are implemented and that compliance with the code of conduct is integrated in the operations of Aveng; and
- Ensures that the company’s ethics performance is assessed, monitored, reported and disclosed.
Outcomes of the Aveng Compliance Framework:
- Demonstrate senior management’s commitment to compliance with the law and promoting an organizational culture that encourages ethical conduct.
- Provide Board members with insight into program effectiveness and key milestones.
- Safeguard the organization against key compliance and legal risks through a standardized, enterprise-wide risk assessment process.
- Enhance employee awareness of enterprise-wide standards for ethical behaviour through periodic communications and training.
- Embed checks and balances in the system to ensure on-going adherence to the Group standards; and.
- Act as a resource for employees and managers – provide policies, procedures, and tools for preventing, detecting, and responding to criminal and other illegal or unethical conduct.