Key achievements
- The Compliance Officer provided support on the scrutiny of new Formula One candidates during the Expression of Interest project.
- The team produced new Economic Sanctions and Gifts, Entertainment and Hospitality Policies.
Scrutiny
- The Compliance Officer spearheaded the compliance component of the due diligence in the Expression of Interest project for candidates seeking to join the Formula One Championship, meticulously examining all applications.
- In 2023, the FIA Compliance Office provided crucial support to internal teams by conducting due diligence and checks in preparation for the elections of specific members across various FIA bodies.
Internal Economic Processes
Economic Sanctions Policy
In response to the heightened sanctions risk since 2022, the Compliance Officer devised and introduced an FIA Economic Sanctions Policy. This policy offers a comprehensive overview of existing economic sanctions and identifies crucial red flags for FIA activities. It aims to equip all FIA personnel with the necessary tools to accurately identify and address economic sanctions risks.
Gifts, Hospitality and Entertainment Policy
In 2023, with the endorsement of FIA Bodies, the Gifts, Hospitality, and Entertainment Policy was approved. This policy serves to provide clear guidelines for FIA Parties on the appropriateness of Gifts, Hospitality, and Entertainment, distinguishing between acceptable, questionable, and unacceptable practices. Additionally, the policy establishes thresholds in line with corporate and international best practices.
2024 Projects
The Compliance Officer, in collaboration with support from the FIA Training and Accreditation Manager, began work on an e-learning module focused on ethics and compliance (for 2024). This comprehensive e-learning initiative will address critical topics including conflict of interest, anti-harassment, and non-discrimination, among others.
The Compliance Officer is meticulously evaluating alternative solutions for a forthcoming web-based Disclosure of Interests Form application, emphasizing attributes such as user-friendliness, stringent security measures, and utmost confidentiality. The anticipated timeline for implementation of this new system extends to the conclusion of 2024.
