GENEVA, Nov. 18, 2020 /PRNewswire/ -- As a part of Gunvor's efforts to continuously improve procedures in order to mitigate risk across the company, specifically in relation to areas of Compliance, the company has taken the decision to cease the use of "agents", i.e., consultants and intermediaries, for business origination and development purposes.
Gunvor has already reduced the number of such consultants and intermediaries by approximately 45% since 2018, and is now in the process of winding-down the remainder of consultant contracts in this respect. Going forward, these activities will be managed in accordance with requirements, adopting the most suitable structures based on Compliance standards.
"The lessons of the past bear on how Gunvor operates today, and when we identify areas in which our robust Compliance standards cannot be exactly upheld, we take action. To be clear, the company will do nothing short of ensuring that we are enforcing our zero-tolerance Compliance policies. If we lose business as a result, so be it," said Gunvor's CEO Torbjörn Törnqvist. "Gunvor's priority is to constantly improve how we conduct business in all areas. In the last couple years, we have overhauled our company and business model, and today, we're clearly stronger as a result."
Gunvor will be further assessing its use of other consultants, including risk analysts and technical operational service providers, whose services entail greater transparency and a different, lower risk profile.
During the last decade, Gunvor has spent millions of dollars building an industry-leading Compliance Department. Our teams work continuously to improve company procedures to mitigate risk that exists within the commodities trading sector. Our goal is to maintain the highest ethical standards and comply with all relevant rules and regulations wherever we operate.
Gunvor hired international compliance experts to assist with enhancing Gunvor's global program. To ensure consistent growth in line the latest regulatory and market developments, Gunvor's Compliance Department also undergoes regular external audits, for benchmarking and assessment, that are conducted by Big Four firms.
For more information: https://compliance.gunvorgroup.com/ [https://compliance.gunvorgroup.com/]
About Gunvor Group
Gunvor Group is one of the world's largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where they it is sourced to where it is are demanded most. With strategic investments in industrial infrastructure--refineries, pipelines, storage and terminals--Gunvor further generates sustainable value across the global supply chain for its customers. In 2019, Gunvor Group generated USD 75 billion in revenue on 198 million MT of volumes. The Group's main trading offices are in Geneva, Singapore, Houston and London, with a network of more than 20 representative and other trading offices around the globe.
For more information: www.GunvorGroup.com [http://www.gunvorgroup.com/].
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