GOVERNANCE, INTERNAL AUDIT AND RISK MANAGEMENT: AN ANALYSIS OF THE MODEL ADOPTED BY NATURA

Abstract

This study aims to analyze how internal audit is integrated into the corporate risk management system within Natura &Co's governance model, based on documentary evidence from fiscal year 2024, complemented by a comparative analysis with the model adopted by Petrobras. This is a qualitative, applied, descriptive-exploratory study conducted through documentary analysis, employing the content analysis technique proposed by Bardin (2011). Annual and Integrated Reports, Sustainability Reports, Reference Forms, Financial Statements, and corporate governance, risk, and compliance policies from both companies were examined. The results show that Natura's internal audit function operates in a consolidated manner as the third line, in accordance with the IIA's Three Lines Model, aligned with the COSO ERM and ISO 31000 frameworks, with particular strength in the ESG and Sustainability category. The comparison with Petrobras reveals a higher degree of formalization in operational risk management at the latter, associated with the risk profile of the oil and gas sector, without this representing a weakness in Natura's governance. It is concluded that Natura &Co's governance, internal audit, and risk management model is consistent and mature, aligned with international best practices, although opportunities remain for greater detail and formalization in the public disclosure of risk measurement criteria.