The role of the Internal Audit Department is to:
- Ensure that the Company’s procedures and standards are duly applied, and to monitor their relevance;
- Assess the efficiency of the internal control system necessary for the Company’s accounting and financial reporting; its operational performance; and its governance in compliance with applicable laws and regulations;
- Suggest, implement and monitor preventive and corrective actions as needed.
The role of the Risk Department is to:
- Identify and assess the risks that could have a significant adverse effect on the Company’s business activity, financial position and results and the capacity to reach its objectives;
- Evaluate the efficiency of actions implemented to control these risks;
- Undertake an annual review of the gross risks, deployment, progress and efficiency of action plans with a view to identify and continuously evaluate emerging risks.
The Internal Audit, Risk and Compliance Department contributes to the continuous improvement of operating processes through risk management, internal audits and advisory services, thereby ensuring the sustainability of our operations and providing stakeholder confidence in our business outcomes.
The Internal Audit and Risk Department is governed by an Internal Audit Charter for audit activities that sets out its role and duties, the scope of its authority and powers, and the methodology used, which complies with the professional standards.
It draws up an annual audit plan, which is updated on a quarterly basis for audit activities.
To guarantee its independence, the Internal Audit and Risk Department reports to the General Management and the Audit Committee. It is made up of a core team of lead auditors who rely on internal resources (about 30 employees).
To ensure its objectivity, the team of auditors is not involved in day-to-day control activities. Each business unit is responsible for its own internal control systems and efficiency.