The Director in Charge of the Internal Control and Risk Management System: 

  • identifies the main business risks, taking into account the characteristics of the activities carried out by the company and its subsidiaries, and submits them periodically to the review of the Board of Directors;
  • implements the guidelines defined by the Board of Directors, taking care of the planning, realization and management of the internal control and risk system, constantly monitoring its adequacy and effectiveness;
  • adjusts such system to the dynamics of the operating conditions and the legislative and regulatory framework;
  • where he or she considers it to be necessary or appropriate, requests the Internal Audit Department to carry out reviews of specific operational areas and on the compliance of business operations with rules and internal procedures, giving simultaneous notice of this to the chairman of the Board of Directors, the Chairman of the Control and Risk Committee and the Chairman of the Board of Statutory Auditors;
  • promptly reports to the Control and Risk committee (or to the Board of Directors) on issues and problems arising during the course of his or her work or of which he/she has become aware in order for the said Committee (or the Board) to take the appropriate action;submits proposals to the Board of Directors regarding the appointment of the Head of the Internal Audit Department and the revocation of that appointment, ensuring that such person is provided with adequate resources for the fulfilment of his/her responsibilities and proposing remuneration that is consistent with corporate policy;
  • provides the Board of Directors with his or her opinion regarding the approval of the work plan drafted by the Head of Internal Audit;

The Director in Charge may exchange information with other bodies and departments in the company and may be invited to attend the relevant meetings.