The solvency of the business and the stability of the sector depend on solid corporate governance and good functioning of the internal control system and risk management.
The CO.ME.CA. S.p.A. Board of Directors defines the guidelines of the risk management system, ensuring that it allows for identification, assessment and control of the most significant risks, meaning those risks whose consequences could undermine the solvency of the business or constitute a serious obstacle to the realisation of corporate objectives.
For this reason, the administrative board has arranged the establishment of a Risk Management division, with the task of:
- contributing to defining methods to measure risks and operational limits assigned to operational structures, while defining procedures for rapid assessment of these limits;
- validating the information flows that are necessary to ensure rapid control of exposure to risk and immediate detection of irregularities;
- providing for reporting to the Board of Directors, to Top Management and managers of the operational structures about the evolution of risks and violation of established operational limits;
- verifying that models for measuring risks are consistent with the Company’s effectiveness;
- contributing to the performance of stress tests.
The Risk Management division is not subordinate to any other operational division and reports to the Board of Directors. The managers of the Internal Auditingand Risk Managementdivisions of CO.ME.CA. S.p.A. collaborate in coordination to ensure the effectiveness and efficiency of the internal control systems and to identify, assess and control risks.