Brazilian mining company Vale announced the appointment of Denis Cuenca as chief compliance officer. Cuenca will be responsible for the compliance office, including the integrity department, internal audit, and the whistleblower channel.
Before joining Vale, Cuenca worked at companies such as Ultrapar, KPMG, Banco Itaú, Banco Real, and Itautec. At Ultrapar, he created a corporate governance framework considered innovative in Brazil, in which the risk, integrity, and audit areas work together. Since 2013, he has been a member of the Ultrapar Conduct Committee and served as secretary of the Audit and Risk Committee and of the Fiscal Council.
As CCO, Cuenca will be responsible for managing the third line of defense; overseeing corporate integrity within the organization; and ensuring compliance with laws, regulations, policies, and procedures. His office will assure to senior management and the board that there are adequate policies and procedures that are well understood and respected by all employees. Cuenca will report directly to the board of directors and interact with the audit committee, granting a degree of autonomy and total independence from the other management structures of the company.
The implementation of the chief compliance office, approved by the board of directors in December 2019, is another step towards Vale addressing recommendations issued by the Extraordinary Independent Consulting Committee for Investigation in a report released in February 2020.