Internal Auditing & Risk Management

The Mediolanum Group promotes high ethical standards and the dissemination of a control culture within the Group itself. The Boards of Directors are responsible for setting internal control system policies and assessing their adequacy and effectiveness.

The Board of Directors of the Parent Company Mediolanum S.p.A. established the Audit Committee and appointed the Chief Auditor to assist the Board of Directors in:

identifying main corporate risks;

implementing the Internal Control System policies issued by the Board of Directors.

The Chief Auditor is also responsible for Internal Audit, a department that aims at improving the efficiency and effectiveness of the entire organisation.
Internal audit of all Group companies, including the Parent Company Mediolanum S.p.A. is performed under individual outsourcing agreements by the internal audit department of the subsidiary Banca Mediolanum S.p.A. Internal auditors monitor overall respect of the rights of all categories of stakeholders (customers, employees, minority and majority shareholders, etc.).

Risk management and compliance are an integral part of the Group’s internal control system.
The ‘Risk Management and Compliance’ department was established in 2005 and became operational in 2006. This department verifies the adequacy of the procedures for the control of financial, operational and credit risks as well as compliance with rules and regulations within the entire financial conglomerate.
Risk management and compliance work is conducted by the risk management department of Banca Mediolanum under service agreements.

The internal control system - Commitees and activities (2,04 Mb)

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