Corporate Governance Report
54. Description of the identification, assessment, monitoring,
control and risk management process
Risk management is carried out with the aim of creating value by managing and con-
trolling uncertainties and threats that could affect Group companies from a busi-
ness 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 identi-
fied and assessed, and actions are planned to manage those risks. These actions
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 established 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 followed, 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 services reporting directly to the
Audit Committee (given the Latin model adopted), the necessary compliance ser-
vices being overseen by the individual departments of the company. Organization-
ally and functionally, 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 Company’s organization chart. Under
the Latin model of corporate governance, the individual departments of the Com-
pany oversee the compliance services in interaction with the Audit Committee or
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