Risks committee

The risks committee assists the board in relation to the internal control system and risk management. It also acts as the related parties committee

 

COMPOSITION

 

The committee is made up of  4 independent directors as defined in the art. 19 of Articles of Association.

Elisabetta Magistretti Chairman of the committee and independent director* 
entered in the register of auditors
Maurizio Carfagna Independent director*
Angela Gamba Independent director*
Valérie Hortefeux Independent director*
Vittorio Pignatti-Morano Campori Independent director*

* Independence requirements according to Articles 19 of Article of Association and a 148.3 of the Italian consolidated finance act.
 

MAIN TASKS

With regard to internal control, the risks committee:

  • provides non-binding opinions on the appointment and dismissal of the heads of internal control and compliance, on their salaries and powers, and the means provided for them to perform their duties
  • verifies the adequacy of the internal control structures and procedures, as well as the information flows
  • examines the work plan of the head of internal control and, at least once every six months, the report on the work carried out

With regard to risk management it:

  • performs functions of monitoring, information gathering, and support for the board of directors for the supervision of risk management policies, also in relation to their compliance with applicable rules and regulations and their consistency with the strategic guidelines
  • regularly checks the functioning and efficiency of the risk control and management system and procedures, reporting the results to the board of directors
  • reviews plans for calculating the adequacy of the Bank’s current and estimated aggregate capital at consolidated level with respect to large risks that the Bank and Group are exposed to (ICAAP), reporting the results to the board of directors

With the regard to the financial reporting structure it:

  • assesses the regulatory compliance of decisions taken by the head of company financial reporting, the external auditors and the board of directors in respect of the correct application of accounting standards and their consistency for the preparation of the individual and consolidated financial statements.
  • in general, it gathers information for the decisions to be taken by the board of directors regarding the financial reports it is responsible for

The meetings of the committee are attended by the statutory audit committee.

The risks committee currently also acts as the related parties committee with the task of:

  • providing binding opinions on the adoption of and any amendments to the related parties procedure;
  • providing reasoned opinions on the advisability for the Bank to carry out related party transactions

MEETINGS AND ACTIVITIES

The committee met nine times in the period from 1 July 2017 to 30 June 2018, thirteen times as the related parties committee. The attendance was for both 98%.

Last update: 31/10/2018