Internal Control and Risk Management System
The System of Internal Control and Risk Management involves the administrative bodies, supervisory bodies, control bodies, management and all the personnel in their various roles.
The main responsibilities of the Internal Control and Risk Management Systemare entrusted to Saipem's bodies and organisations which have been granted suitable powers, means and structures to pursue the objectives.
Board of Directors
it plays a central role in internal control, and establishes the fundamental lines of the corporate organizational, administrative and accounting structure of the company, its main subsidiaries and the Group. Within this framework, it examines the proposals of the Audit and Risk Committee and proceeds to establish the type and level of risk compatible with the company's strategic objectives and the guidelines of the system of internal control and risk management, in order to ensure the main risks for the company and its subsidiaries can be identified, measured, managed and monitored.
Director responsible for the internal control system
since 2015, the Board of Directors has made the Chief Executive Officer – CEO responsible for maintaining an efficient Internal Control System in compliance with the Guidelines in the MSG “System of Internal Control and Risk Management”.
Board of Statutory Auditors
it has supervisory responsibilities, as it is also the Committee for Internal Control and Account Audits pursuant to Italian Legislative Decree No. 39/2010, as amended by Italian Legislative Decree No. 135/2016.
Audit and Risk Committee
it assists the Board of Directors providing consulting and advisory functions, supporting the assessments and decisions of the Board of Directors in carrying out its duties in relation to the Internal Control and Risk Management System, as well as those regarding the approval of the periodic reports of a financial and nonfinancial nature.
Director responsible for the Internal Audit Function
the Director responsible for the Internal Audit function, Maurizio Bonzi, has held this position since July 1, 2022, reports hierarchically to the Board of Directors, and on its behalf, to the Chairman of the Board, except for those duties that fall under the remit of the Audit and Risk Committee and the CEO, in his capacity as Officer responsible for the Internal Control and Risk Management System. The Director responsible for the Internal Audit function is responsible for overseeing that the Internal Control and Risk Management system is fully operational and effective.
Integrated Risk Management
To reinforce the focus on Risk Governance & Culture, the Integrated Risk Management function has been established in October 2022 and placed, in line with international best practices, under the direct authority of the Chief Executive Officer.
This function oversees the development and maintenance of Saipem’s Risk Management system for the identification, analysis, treatment and monitoring of corporate risks, in accordance with the guidelines defined by the Board of Directors in relation to the Internal Control and Risk Management System; the Risk Management process, integrated at all levels of corporate management, ensures that the assessment of the main risks and relative treatment plans is solid and available to administration, control and supervisory bodies.
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