Internal Audit System
An important concern of the Foundation is the development and continuous upgrading of the Internal Audit System, which is a set of adequately documented and thoroughly recorded audit mechanisms and procedures, incorporates the best corporate governance principles and covers on a continuous basis every activity and transaction, contributing to its effective and safe operation.
The establishment of the Internal Audit System is aimed, in particular, at:
- Consistent implementation of the operational strategy
- The identification and management of assumed or potential risks
- Ensuring the completeness and reliability of the information necessary for the preparation of reliable financial statements
- Compliance of the operation with the applicable laws and regulations, as well as with the provisions of the policies and procedures in force from time to time
- The safeguarding of assets, the separate and detailed record keeping and safekeeping of customer assets and the safeguarding of the interests of the Institution, shareholders and traders
- The continuous control of the tasks and activities outsourced to third parties
- The prevention and avoidance of wrong actions and irregularities that could endanger the reputation of the Institution
- The verification of the consistent application of the rules and procedures provided for, through the conduct of periodic or ad hoc internal audits
The Internal Audit System, which reports to the Board of Directors, consists of:
Internal Audit Unit
The Internal Audit Unit ensures the proper functioning of all mechanisms, procedures and actions aimed at the smooth implementation of corporate governance and examines the adequacy and effectiveness of the existing control systems.
Regulatory Compliance Unit
The Regulatory Compliance Unit aims:
- The establishment and implementation of appropriate procedures to comply with the applicable regulatory framework
- Ensuring that deadlines are met and that regulatory obligations to the competent authorities are fulfilled
- Keeping employees informed of developments and changes in the regulatory framework
- Informing Management on compliance issues
- Ensuring that the Institution, its agents and partners comply with the applicable legal and regulatory framework, which regulates the prevention of the use of the financial system for money laundering and terrorist financing
Risk Management Unit
Risk Management identifies and defines the main risks faced by the Institution as well as potential risks in accordance with the methods required by the regulatory framework and in accordance with applied methods required by corporate governance, proposes measures to address these risks and reports to the Board of Directors on the issues within its competence.