Management system and control model for corporate fraud accountability (Note 1)

With the Law Dlgs. 231/2001 it was introduced for the first time in the Italian legislation the concept of penal risks for the organizations or corporate fraud accountability, in addition to a similar existing crime liability for the physical personnel that committed an illicit act. According to the above Law Dlgs., the not mandatory adoption of a particular management system and control model in an organization reduces the possibility of having the activities stopped and being penal sanctioned. The present paper illustrates the recently introduced legislative elements (for instance new crimes concerning health and safety), analyzes the management systems and control models that can be implemented, focuses on the company responsibilities and on the sanctioning system.