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Compliance Integrated Compliance THE INTERNAL CONTROL SYSTEM
INTERNAL AUDIT FUNCTION and INTERNAL AUDIT MANAGER
Quality
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Specifically, Sabaf has an integrated risk-based Audit Plan, which is set out according to specific control objectives (e.g. operational risks, compliance with Legislative Decree 262/2005 and Legislative Decree 231/2001, the security and profiling of corporate information systems, etc.). The implementation of measures is outsourced to a single structure, Internal Audit, which is in turn responsible for reporting the results of the activities conducted to the delegated supervisory bodies.
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• Accounting Control Model • Procedural Body • Quality and Environment Management System • Education and business training
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• Charter of Values • Corporate Governance Manual • Operational Guidelines • Model 231
For the purposes of meeting company objectives, the risk management activities conducted by Sabaf also take compliance requirements into account. The internal control system governing this activity is based on the following elements: -- the organisation of the internal control and risk management system; -- procedures and mechanisms for the concrete implementation of the control principles; -- processes of continuous auditing and monitoring carried out at the various levels of the organisation, both within the scope of business processes and through independent structures.
Information Security
All this translates into a culture and set of tools based on integrated compliance
INTEGRATED AUDIT ACTIVITIES
INTEGRATED COMPLIANCE AND THE CORPORATE GOVERNANCE MANUAL OPERATIONAL GUIDELINES
Following adherence to the Borsa Italiana Corporate Governance Code and in order to integrate the good governance practices set out in this sponsored document into its own processes, Sabaf adopted a Corporate Governance Manual* which governs principles, regulations and operational procedures. This Manual, adopted by Board resolution of 19 December 2006, has been updated several times over the years, in order to reflect changes in laws and regulations regarding Corporate Governance, as well as best practices adopted by the Company. The Manual contains certain operating guidelines, which were approved by the Board of Directors and updated most recently in September 2016. These guidelines were issued to ensure that the management and control bodies of Sabaf properly carry out their duties.
TOPICS COVERED
Self-assessment of the Board Management, coordination and control of Group subsidiaries Means of compliance with disclosure obligations to auditors, pursuant to Article 150 TUF Evaluation of the Group’s internal control system Process of periodically identifying and measuring Group risks Management of significant operations in which directors have an interest Assignment of professional mandates to the statutory auditing firm
* The latest version of the text, updated pursuant to the Corporate Governance Code, approved by the Board of Directors’ meeting of 29 September 2016, is available in the Corporate Governance section of the website www.sabaf.it.