Director in charge of internal control and risk management system

The Board of Directors appointed by the shareholders in the AGM of 30 April 2013 has confirmed the C.E.O. as the Director in charge of overseeing the functionality of the Internal Control and Risk Management System. As a managing body, he constantly reported back to the Board of Directors on all aspects of corporate management, including verification of the overall appropriateness, effectiveness and efficiency of the Internal Control and Risk Management System.

Furthermore, the CEO:

  • Coordinated, over 2014, the drawing up of Group policies for the control and management of the main corporate risks and their presentation to the Board of Directors for approval on a time to time basis (compliance risk, operating risk, credit risk, interest rate risk, concentration risk, IT risk etc..);
  • Coordinated the drawing up of the document ‘Group and Individual Internal Control System – Guidelines’, its presentation to the Board of Directors for approval and the ensuing amendments made to this document;
  • Saw to the adaptation of this system to changes in operating conditions due to the legal and regulatory framework governing these.

Over 2014, there was no need for the C.E.O. to report, in a timely manner, to the Risk Management and Internal Control Committee nor to the Board of Directors, as no critical problems were encountered by him while carrying out his role and neither were problems reported to him by others. 

The Director in charge of the Internal Control and Risk Management System may ask the Internal Auditing Office to carry out checks on specific operational areas and in compliance with internal rules and procedures when performing corporate operations, at the same time notifying the Chairman of the Board, the Chairman of the Risk Management and Internal Control Committee and the Chairman of the Board of Statutory Auditors. The outcome of Internal Auditing inspections that are negative or have revealed serious shortcomings are immediately sent in a complete and timely manner directly to the applicable corporate bodies. 

Last updated on 2015-03-16