Consolidated Financial Analysis
Risks and Uncertainties
Risk management is a part of the Group’s culture and cuts across the whole
organization. It is present in every process and is the responsibility of all ma-
nagers and employees at the different organizational levels.
Risk management is undertaken with the aim of creating value through ma-
nagement and control of uncertainties and threats that can affect Group com-
panies from a standpoint of operational continuity, with a view to taking ad-
vantage of business opportunities.
Within the scope of strategic planning, the risks of the portfolio of the existing
businesses, as well as of the development of new businesses and the most
relevant projects, are identified and evaluated and strategies to manage those
risks are defined.
At the operational level, management risks are identified and evaluated re-
garding the objectives of each business and actions to manage those risks are
planned; the latter are included and monitored within the scope of the business
plans and functional units.
In order to guarantee conformity of the established procedures, the Group’s
main internal control systems are periodically evaluated.
The internal control and monitoring of the internal control systems are con-
ducted by the Executive Committee. Certain risk areas are associated to the
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