Wtransnet’s commitment to security not only focuses on the solvency filters for new associates, but extends to daily monitoring of transactions and the behavior of every part of the companies community. One of the tools to preserve that environment of security and reliability is the Audit Committee.
Created more than two years ago, the Audit Committee is responsible for enforcing the rules of Wtransnet, in addition to ensuring the security of the community and professional ethics to protect transactions.
A negative practice or questionable conduct can be informed to the Audit Committee in many ways. One is the Breach Report which can be made by all users. Through an online form, members may contact the secretariat of the Committee which, with sharpness, settles between those conflicts that can be resolved in the Department of incidents and those that require further analysis.
Upon reaching a conclusion, the Committee issues a written communication that reflects its resolution. Some of these reports involved:
Withdrawal due to cargo resale.
Non-admission of new associate if one or some of its administrators are the same that other company which failed to pay other associates’ invoices.
Suspension for using his access credentials in benefit of a non associate or suspended company.
Temporary ban on posting loads for repeated delays on payment.
More complex cases are investigated thoroughly by various Members of the Committee who represent the different areas of the company, counting in addition, with legal advice.
After reviewing each of the cases and all documentation and supporting evidence, the Committee decides what action to take in their weekly meetings. According to the severity of cases, decisions may go for a firm reprimand, temporary suspension of Wtransnet services, non-renewal of the contract and even the withdraw of the company.
In addition to managing these conflicts, the Audit Committee is also involved in some processes of registration, helping to verify the identity and reliability of new associates.