Ensuring effective internal control and risk management in Petróleos Mexicanos' procurement activities

A robust internal control system, including risk management and independent internal audit functions, is the bedrock for improving governance and management systems, enhancing integrity, and strengthening accountability. This chapter highlights how a preemptive and risk-based approach is the best way for PEMEX to improve the efficiency, effectiveness and economy of operations while putting in place the proper controls and mitigating strategies to prevent, detect and respond to fraud and corruption schemes in the procurement cycle.