The Group Internal Control Department develops a methodology, the tools necessary to apply it, and a yearly work plan. It manages the roll-out of the internal control system and ensures its effectiveness with all Group managers, relying on the heads of the governance committees, the persons in charge of the control environment within the Group, and the Internal Control Departments of the operating entities. The Department monitors the results of the work performed by the Group in
order to meet the required quality level.
In this context, the Group Internal Control Department must primarily:
- coordinate the local internal control departments and the persons in charge of the control environment within the Group, and give them the support and advice that they need to ensure the quality of their system and control it;
- ensure that the action plans presented to the Risk Committee and subsequently to the Audit Committee of the Board of Directors, if applicable, are implemented and monitored;
- produce the reports required by regulations for shareholders and for financial market oversight authorities.
The role of the local internal control departments is to assist the operating managers of their entities, in order to help them structure and maintain an efficient internal control system, which meets both their own and the Group’s requirements.
In this context, the local internal control departments apply the directives issued by the Group’s Internal Control Department within their own entity, and ensure the smooth running of the system at their own level. They are in charge of applying the methodology, and providing training and support for operating staff, as well as monitoring the progress of the action plans.
