EIT InnoEnergy acknowledges that an anti-fraud strategy is crucial to its organization. It protects our assets, reputation and overall operational integrity. Therefore, EIT InnoEnergy takes a zero-tolerance approach to any possible violation of our Anti-Fraud Policy. We established an anti-fraud strategy by:

• implementing a comprehensive anti-fraud policy to enhance, promote and maintain a culture of zero tolerance to fraud, bribery and corruption
• implementing and enforcing internal controls, reviews and audits to actively prevent, detect and counter any potential policy violations

The objective of the policy is to define responsibilities with regards to prevention of fraud by creating awareness among all stakeholders.  We take advantage of our Quality Assurance Office which focusses on providing valuable insights on the quality of controls and operations and therefore provides a safeguard against potential inefficiencies, fraud, bribery, corruption, waste or abuse.

In addition to the Anti-Fraud Policy, we also implemented a Speak-Up Policy to increase the awareness amongst InnoEnergy’s stakeholders and to solicit reporting of any violation of internal or external policies, directives or regulations. An Integrity Committee with five members from different departments and levels has been established to handle any reported cases. The chairperson of the Audit Committee of our Supervisory Board can also be involved in cases where any party feels that the documented Speak-Up Policy process has not been applied properly.

To ensure the latest best-practice standards are applied, EIT InnoEnergy will review its Anti-Fraud Policy and related strategy on an annual basis. Both EIT InnoEnergy’s Executive Board and Supervisory Board will approve any material policy or strategy changes related to fraud prevention.

Key components have been implemented to ensure an effective anti-fraud strategy.

• Review & risk assessment: Due to a continuous review of potential risks and their mitigation priorities, different policies and procedures have been implemented (e.g. Grant Allocation Policies; Anti-Fraud, Corruption and Bribery Policy; Conflict of Interests and Gifts Policy; Procurement Policy; Whistleblower Policy, various related HR Policies and many procedures)
• Employee training & awareness: We emphasize applicable policies during onboarding sessions of new employees and highlight any policy changes for existing employees and other stakeholders; including mandatory, initial or refresher, trainings where applicable.
• Strong internal controls: After the creation of our Governance Risk and Compliance Office, InnoEnergy formalized a Quality Assurance Office / Internal Audit function to continuously monitor, assess and improve operations. This helps EIT InnoEnergy to continuously maintain strong controls and consistently review its full operations, thus decreasing operational & strategic risks
• Technology utilization: We implemented different technology systems supporting the organization with risk mitigation. (e.g. a Anti Money-Laundering and Terrorism-Financing assessment platform, a Whistle Blower platform enabling anonymous and independently auditable Speak-Up reports, an Enterprise Risk Management platform)

In conclusion, the implementation of a robust Anti-Fraud Policy is essential to uphold the integrity, transparency, and accountability of our organization. This policy serves as a critical framework to prevent, detect, and respond to fraudulent activities, safeguarding our assets, resources, and reputation. It is imperative that all employees, stakeholders, and partners understand their roles and responsibilities in combatting fraud, while also fostering a culture of ethical behavior and reporting.