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With the recent approval by Chile’s pension watchdog (Superintendencia de Pensiones) of changes to its risk-based supervision framework for private pension fund managers (AFPs) and unemployment insurance administrators (AFCs), the role of AFP Planvital’s corporate compliance function has become even more significant. This transition of the regulatory and supervisory framework of the pensions sector to a modern system that emphasises the capacity to identify and manage risks will, according to the team’s leader Guillermo Castillo Inostroza ‘pose a great challenge for the areas of risk and compliance’. His team is, however, more than ready to shield the company and adequately adapt to the changing environment. With the implementation of a coherent corporate compliance risk program through an established process, the team has decreased the risk of fines, penalties, work stoppages and lawsuits. ‘Our compliance team has been working to ensure that the company can uphold a positive image and build consumer trust,’ Castillo states. ‘Our mission is to keep working to help build consumer loyalty, since customers are more likely going to return to a service or product from a company they identify as trustworthy’. In order to achieve this goal, Castillo says that his team has played a ‘significant role in the implementation of several new internal controls based on risk assessment , drafting new policies and procedures and providing training to all the company on hot topics such as diversity, conflict of interest, AML, among others’. Cecilia Pietragallo, Eder Juica and Sebastián Molleda have all been praised by Castillo for their work in implementing best practices within the organisation. He states that they have all ‘been instrumental in the creation and implementation of our first corporate compliance program,’ and adds that ‘given this context, [they] have had a variety of different missions, ranging from total support of corporate policies, to specialising in specific topics such anti-money laundering, conflicts of interest, whistleblower channel and investigations, labour law, outsourcing [and more].’