The WFE's Women Leaders 2025 - Fátima Guerra, Audit Superintendent, B3

Name: Fátima Guerra

Job title: Audit Superintendent

Organisation: B3

1. Brief description of nominee’s role and job. 

As the Audit Superintendent of BSM Market Supervision at B3, I successfully lead an audit team tasked with ensuring the effectiveness of internal controls and compliance processes among the financial institution participants in B3. My role involves assessing and mitigating risks strategically, providing actionable recommendations for process improvements, and promoting the continuous enhancement of market supervision within the Brazilian financial landscape. 

In this capacity, I guide and oversee the compliance of Brazilian financial institutions with the regulations set forth by the CVM, the Central Bank, the National Monetary Council and B3. I identify and address irregularities proactively to ensure adherence to the established legal and regulatory framework. 

Furthermore, I spearhead the implementation of the Continuous Audit initiative (MC²D). Collaborating with financial institutions, I led the establishment of standardised protocols for the timely delivery of requested files and data trails to BSM Market Supervision. This innovation has facilitated the evaluation of processes and controls through extensive data analysis, enabling large-scale, continuous cross-referencing of information. As a result, we enhance the value delivered to financial institutions and investors in the market, all while streamlining the audit process within a markedly reduced timeframe. 

2. Short bio (career highlights, education, interests/hobbies). 

A highly qualified professional with more than 25 years of extensive experience in leadership and strategic management within the Compliance, Internal Controls, Auditing, Anti-Money Laundering (AML), Quality Control, Risk Management, Corporate Governance, and Environmental, Social, and Governance (ESG) arenas of the financial sector. 

Key Experience: 

Asset Management: Significant tenure at ARX Capital Management, one of the largest asset management firms, along with leadership roles at reputable brokerage firms including Ágora and Necton and at BTG Pactual, the largest investment bank in Latin America. 

Educational Background: Holds a degree in Electrical Engineering with a focus on Decision Support Systems (Statistics, Logistics, and Finance) from PUC-Rio. 

Teaching Roles: Current professor at IBMEC in Market Supervision Training and at Insper in courses related to Market Surveillance, Compliance and Self-Regulation in Brazilian Capital Markets. 

Core Competencies: 

Regulatory Compliance: Expertise in mergers and acquisitions, complex negotiations, and specialised knowledge in AML processes. Proficient in representing organisations before regulatory bodies and implementing compliance policies and procedures. 

Corporate Governance: Adept at establishing robust corporate governance frameworks, restructuring departments, and ensuring regulatory compliance and risk mitigation. 

Fraud Prevention: Strategic experience in developing effective fraud detection and prevention mechanisms to safeguard the organization and its clients. 

Investment Management: Responsible for overseeing investment portfolio acquisitions, driving organisational growth and consolidation, and participating actively in intricate financial transactions. 

Leadership and Team Development: 

Proven leadership skills focused on team development, conflict resolution and setting clear objectives. Committed to fostering high-performance teams through constructive feedback and competency-based evaluations. 

Strong analytical skills with the ability to identify organisational and market changes, making informed decisions while adapting to new roles and environments. 

Communication and Relationship Management: 

Excellent communicator with a results-oriented mindset, fostering strong interpersonal relationships and demonstrating empathy. Adaptable in aligning management strategies with business drivers and operational excellence. 

Personal Interests: 

Passionate about travelling, teaching and dedicating quality time with my family. 

Projects Portfolios and Achievements 

Topics: 

• Be Together Group Leader - Women in the Financial Market - B3 - Since 2019 
• Member of the Market Consultative Chamber of BSM Market Supervision - From 2018 to2023 
• Member of the Market Committee of ANBIMA - Product Distribution - From 2019 to 2022 
• Ethics Counselor of ANCORD - From 2021to 2023 
• Member of the Legal, Compliance and BackOffice Committee of ANCORD - From 2013 to 2022 

Main Courses and Certifications 

• Certification of Compliance  
• Ombudsman Training and Certification 
• B3 - Data Protection and Information Security, AML and Combating Corruption and Fraud  
• Insper - Trade Surveillance  
• Federal Police, CVM – COAF - AML 
• Startse - Fintech - Inovation - Silicon Valley - California  
• ABRACAM - Exchange e Compliance  
• University of Michigan - Finance  
• FCE - Asset Allocation  

3. What were your professional highlights and challenges of 2024? 

In 2024, one of the significant challenges I faced was spearheading a transformative approach to supervision and inspection within financial institutions, collaborating closely with Brazil's primary self-regulatory entity for the capital market. This effort focused on leveraging standardised data and introducing a novel methodology known as continuous audit (MC²D) at BSM Market Supervision. The initiative aimed to modernise B3's self-regulatory framework, enhancing overall efficiency across the capital market and among its supervised participants. 

Traditionally, audits have been akin to a "snapshot," providing a static view of an institution's operations at a single point in time. In contrast, the MC²D model represents a "movie," enabling the creation of ongoing alerts about necessary adjustments for each financial institution. This dynamic approach allows us to optimise market supervision proactively, minimising potential issues before they arise and fostering a collaborative, value-driven relationship between supervisory entities and financial institutions. 

In line with BSM Market Supervision’s innovative trajectory, FINRA recently introduced a remote inspection pilot program. This initiative seeks to evaluate the impact and effectiveness of remote inspections, further contributing to a modernised supervisory framework. 

4. Tell us about a few of your key achievements throughout your career? 

During my academic journey in Electrical Engineering, I was honored to receive a merit scholarship, which allowed me to join the computational statistics laboratory at PUC-Rio at the young age of 18. This opportunity included engaging in undergraduate research focused on probabilistic analysis in electrical energy. 

Currently, I take great pride in teaching at IBMEC and INSPER, where I contribute to shaping the future of capital markets professionals.  

In my career journey, a notable achievement of mine was overseeing the investment portfolios and financial institutions acquisitions processes, which significantly boosted the organisation's growth. Subsequently, I became a partner at a brokerage house and played a pivotal role in its sale to the largest investment bank in Latin America. In these capacities, I ensured regulatory compliance and served as a liaison to regulatory bodies. 

Moreover, I am proud to have served as President of the Market Consultative Chamber of BSM Market Supervision and to lead the Be Together Group, which unites female representatives from financial institutions to discuss best practices related to gender equity, fostering networking opportunities and sharing insights to enhance inclusion. 

5. What and who inspires, and has inspired, you to achieve your professional success? 

I would like to particularly highlight André Eduardo Demarco, the current Director of BSM Market Supervision at B3. With more than 33 years of experience in various areas within the company, he has become a reference and an inspiration to all of us. I have been fortunate to work alongside him on our journey to innovate financial market supervision practices. 

Additionally, my family has always served as my strongest source of motivation. My mother, a non-college graduate, exemplifies determination and high ethical standards. Through her resilience, she achieved the position of Director at a Federal University.  

I am passionate about sharing knowledge and making a positive difference in people's lives. 

6. How have you overcome setbacks, and what advice would you give to others dealing with setbacks? 

It’s important to remember that setbacks are not failures, rather, they are valuable experiences that can teach us resilience and innovation.  

Moreover, fostering a growth mindset allows you to view challenges as steppingstones rather than roadblocks. Surrounding yourself with mentors and peers who inspire and support you can make a significant difference in navigating tough times. Collaboration, open communication, and the willingness to share experiences can create a strong support system that empowers everyone involved. 

In summary, embrace your journey with its ups and downs. Use the lessons learned to build a stronger foundation for your future endeavours. Every challenge you face can enhance your skills and perspective, ultimately contributing to your personal and professional growth. Remember, it's not just about overcoming setbacks, it's about thriving in the face of them. 

7. What advice do you have for other women who aspire to be in leadership positions? What is the biggest takeaway you want to leave with the reader? 

Be Assertive and Confident: Trust in your abilities and be proactive in asserting your ideas and opinions. 

Seek Mentorship and Build Networks: Establish relationships with mentors and a robust professional network to unlock opportunities and gain support. 

Embrace Calculated Risks: Don’t shy away from taking risks. Evaluate situations carefully and be prepared to stand your ground when necessary. 

Conduct Situational Analysis: Understand the people and culture of your organisation. Adapt your skills to align with your goals and the environment. 

Know Your Values and Skills: Be clear about your values, manage your time effectively, and identify the key skills needed for leadership. 

Align with Organisational Culture: Be aware of your organisational culture. If it doesn’t align with your values, consider whether it’s the right fit for you. 

Don’t Fear Motherhood: Embrace the challenges of motherhood, they can provide fresh perspectives and make you more resourceful and efficient.

Balance Empathy and Determination: Lead with integrity and responsibility to foster an inclusive and productive workplace. 

Invest in Continuous Learning: Never stop pursuing knowledge. Continuous learning is essential for personal growth and professional success. 

Remember, there’s no one-size-fits-all approach to leadership. It’s about leveraging your competencies, adapting to your environment and pursuing your goals with conviction and grace.