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Saipem undertakes to promote and maintain an efficient system of internal control and risk management.

System of internal control and risk management

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Saipem’s system of internal control and risk management (SCIGR) is composed of instruments, organisational structures and regulations designed to safeguard Company assets and ensure the effectiveness and efficiency of Company processes, reliable financial reporting, as well as compliance with laws and regulations, the Articles of Association and Company procedures.

The structure of Saipem’s internal control system, which is an integral part of the Company’s Organisational and Management Model, is based on the principles contained in the Code of Ethics and the Corporate Governance Code, taking the applicable legislation, the CoSO Report and national and international best practices into account.

Saipem undertakes to guarantee the integrity, transparency, correctness and efficiency of its processes by adopting suitable tools, standards and regulations for the conducting of the activity and the exercising of powers, and it promotes rules of conduct inspired by the general principles of traceability and separation of the activities. In particular, the management of Saipem has established specific control activities and monitoring processes designed to ensure the effectiveness and efficiency over time of the internal control system. For some time now, Saipem has been committed to fostering the development, and dissemination to all company personnel, of a sense of awareness of the importance of matters concerning internal control.

The internal control system is subjected over time to auditing and updating, with a view to ensuring that it continues to be adequate to safeguard the main areas of corporate risk, in line with the typical characteristics of the operating sectors and the organisational framework of the company, and in function of any legal and regulatory updates.

Saipem is aware that a good process for identifying, measuring, managing and monitoring the main risk areas contributes to ensuring that the company is run in a sound and correct manner, consistent with the strategic objectives laid down by the Board of Directors.

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