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ANNUAL REPORT 2011
II.5. Description of the internal control and risk
management systems within the company,
namely over the financial information disclosure
system, as well as its functioning system and its
effectiveness
Risk management is a component of the
company’s culture and is present in all
processes; it is the responsibility of all managers
and collaborators at the different levels of the
organization.
Risk management is undertaken with the aim
of creating value through the management
and control of uncertainties and threats that
can affect Group companies from a standpoint
of operational continuity, with a view to taking
advantage of business opportunities.
In the context of strategic planning, risks to the
portfolio of existing businesses are identified and
evaluated; new businesses and more relevant
projects are also developed and strategies to
manage those risks determined.
At operational level, management risks are
identified and evaluated regarding the objectives
of each business and actions to manage those
risks are planned; they are included and
monitored in the scope of the business plans
and the functional units.
Regarding risk to the security of tangible assets
and persons, politics and standards are defined
and a self-control compliance face to that risk
is undertaken; external audits are carried out
on all units and actions are implemented to
prevent, identify and correct those risks.
In order to guarantee conformity of the
established procedures, the group’s main internal
control systems are periodically evaluated.
Internal control and accompaniment of the
internal control systems are carried out by
the Executive Committee. For specific business
aspects there are risk areas whose management
has been assigned to functional departments,
standing out:
Food Quality and Safety
In the foodservice business the risk associated to
hygiene and food safety is of major importance.
Management of this risk area is coordinated by
the Quality Division. Its main concerns imply
responsible and proactive action, following the
principles of prevention, training, monitoring
of indicators and the search for continual
improvement in order to minimize food-related
risks that impact consumers’ health.