Saipem internal control and risk management system
Saipem’s system of internal control and risk management (SCIGR) consists of corporate instruments, organizational structures and regulations designed to safeguard Company assets and ensure the effectiveness and efficiency of Company processes, reliable financial reporting and compliance not only with laws and regulations, but also with the Articles of Association and Company procedures.
The structure of Saipem’s internal control system is an integral part of the Company’s Organizational and Management Model and is based on the principles contained in the Code of Ethics and the Corporate Governance Code, bearing in mind the applicable legislation, the COSO Report and national and international best practices.
Saipem undertakes to guarantee the integrity, transparency, correctness and efficiency of its processes by adopting suitable tools, standards and regulations to conduct its business activity and to exercise its powers. It will promote rules of conduct based on the general principles of traceability and separation of its business activities.
More specifically, Saipem's management has established specific control activities and monitoring processes designed to ensure the effectiveness and efficiency over time of its internal control system. Saipem has been committed for some time to encouraging all company personnel to raise and develop an awareness of topics regarding internal control.
The internal control system is continually subjected to auditing and updating, in order to ensure it continues to adequately safeguard the main areas of corporate risk, in line with the typical features of the operating sectors and the corporate organizational framework, in compliance with any new legislation and regulations.
Saipem is aware that a good process to identify, measure, manage and monitor the main risk areas helps ensure that the company is run in a sound and correct manner, consistent with the strategic objectives established by the Board of Directors.
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