The Group’s internal control system relies on the work of several bodies: the senior management governance committees, the support functions responsible for the Group’s control environment, and the operating functions.
The Group’s internal control system is guided by its Internal Control management team, part of the Audit and Risk Control and Management Department.
In accordance with the 8th European Directive, which became French law on 8 December 2008, and with the AMF recommendations of July 2010, the Board of Directors’ Audit Committee is also in charge of monitoring the effectiveness of the internal control and risk management systems.
Accounting and Management Controlling Divisions play a particularly important role in evaluating the internal financial control system.
The Group’s internal control system relies on a set of values and principles that govern its actions and professional behaviour.
The Group Internal Control Department develops a methodology, the tools necessary to apply it, and a yearly implementation plan. It manages the roll-out of the internal control system and ensures that all Groups managers are compliant.
As such, it relies on the heads of the governance committees, the people responsible for the control environment within the Group, and the senior management of operators’ Internal Control departments.
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 people responsible for the control environment within the Group, and give them the support and advice that they need to ensure the ongoing quality of their system ;
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 relevant regulations for shareholders and for financial market supervisory authorities.
The role of the Local Internal Control departments is to assist the operating managers of the divisions to which they are attached. The aim is 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, and ensure the smooth running of the system at their 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.