Chairman of the Committee: Elisabetta Magistretti*
* Registered as an auditor
The committee is comprised of five Directors, all of whom are not executive and independent pursuant to article 19 of the Articles of Association and the Italian Consolidated Finance Act (“TUF”).
The Chairman of the committee has adequate accounting and financial experience. One of the committee members was elected from a minority list.
The Risk Committee monitors, advises and supports the Board of Directors with respect to internal control, risk management and the accounting/reporting model.
With regard to internal control, the Risk 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:
- monitors, gathers information supports the Board of Directors in the supervision of risk management policies, including 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 model it:
- assesses the regulatory compliance of decisions taken by the head of corporate financial reporting, the independent auditors and the Board of Directors in respect of the correct application of accounting standards and their consistency for the preparation of the parent company’s 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.
Meetings and activities
The Committee met 11 times in the year ended 30 June 2019, in addition to the 10 times it met as the Related Parties Committee. The average rate of participation among its members was 91% as the Risk Committee and 77% as the Related Parties Committee.