Annual Report and Consolidated Account
014
127
Legal
Ibersol and its businesses have a legal function, which
works full-time, in coordination with the other central
and business functions, in order to preventively pro-
tect the Group’s interests, while ensuring strict compli-
ance with the Group’s legal duties.
Legal advice is also obtained, at national and interna-
tional level, by recognized outside experts.
Sector-specific
The recovery of private consumption, after the severe
disruption seen in recent years, mainly in Portugal, will
continue to affect sales in restaurants. To mitigate the
impact on its results, the company has implemented
rigorous cost control, with monthly monitoring of
market trends and subsequent reviews of resource
planning, in order to mitigate the impact of the con-
sumption reduction.
Operating as it does in the food service business, the
company is also subject to the risk of epidemics, dis-
ruptions in rawmaterials markets and changes in con-
sumption patterns, which can have a material impact
on the financial statements.
54. Description of the identification,
assessment, monitoring, control and risk
management process.
Risk management is carried out with the aim of creat-
ing value by managing and controlling uncertainties
and threats that could affect Group companies from a
business continuity perspective.
In the context of strategic planning, the risks of the
business portfolio, as well the risks of development of
new businesses and the implementation of the most
important projects are identified and assessed; and
strategies to manage those risks are defined.
At operational level the risks affecting the objectives
of each business are identified and assessed, and ac-
tions are planned to manage those risks. These ac-
tions are included and monitored through the plans
of the individual businesses and functional units.
As regards the risks to the security of tangible assets
and persons, policies and standards have been estab-
lished and are monitored to ensure compliance. All
units are subject to external audits and preventive and
corrective measures are taken in respect of the risks
that have been identified.
To ensure that the established procedures are fol-
lowed, the Group’s main internal control systems are
evaluated periodically.
55. Main elements of the internal control
systems and risk management implemented
by the company regarding the finantial
disclosure process.
The Company does not have any internal audit ser-
vices reporting directly to the Audit Committee (given
the Latin model adopted), the necessary compliance
services being overseen by the individual depart-
ments of the company. Organizationally and func-
tionally, the various units of the Group are directly
responsible for compliance services to the Board
of Directors and of the Audit Committee and the
persons responsible are duly identified in the Com-
pany’s organization chart. Under the Latin model of
corporate governance, the individual departments of
the Company oversee the compliance services in in-
teraction with the Audit Committee or the non-exec-
utive director of the Company, reporting functionally
to that director, independently of the departments’
reporting relationship with the Company’s executive
management.
