Control and Risk Committee
The Control and Risk Committee is an internal control system responsible for governance of the company through the identification, evaluation, measurement and management of business risks, according to the risk level that the senior management has decided to accept.
This system takes into account existing national and global reference models and best practices.
A good internal control and risk management system is not only essential to protect the company's assets and ensure the efficiency of all company processes, but also to ensure the reliability of the information provided to its corporate bodies and the market, and guarantee compliance with applicable laws and regulations and the company's articles of association and internal procedures.
The internal control and risk management system includes:
a) the Board of Directors, which appoints one or more directors and a control and risk committee whose task are to support and assess the decisions of the Board of Directors on internal control matters;
b) the internal audit manager, who verifies the adequacy and proper functioning of the internal control and risk management system;
c) the Board of Statutory Auditors
In order to maximise the efficiency of the internal control system, the above should liaise and be perfectly coordinated, above all to avoid any overlapping of actions.
The members of the control and risk committee should be independent directors, or, alternatively, the committee may have 31 non-executive directors, most of whom should be independent; in this case, the chairman of the committee will be chosen from the independent directors. Upon appointment, the Board of Directors should ensure that at least one member of the Board has adequate experience in accounting, financial or risk management matters.
Fonti: https://en.wikipedia.org/wiki/Internal_control e https://www.borsaitaliana.it/comitato-corporate-governance/codice/2015clean.pdf
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