Risk management

In terms of internal control and risk management, the Board of Directors and the effective managers have implemented and are adapting internal control and risk management procedures (identification, evaluation, management and reporting systems). monitoring of financial and other risks), assisted by the Auditor and the Audit Committee.

The Board of Directors also appointed the heads of the independent control functions, namely an Internal Auditor, a Risk Manager and a Compliance Officer in accordance with Article 17 of the Law of 12 May 2014.

These functions shall be performed adequately and with the required independence taking into account the size of the Company and its resources.

The risk management function is performed by a Risk Manager, who is appointed by the Board of Directors on the proposal of the Effective Managers with the prior approval of the FSMA; it is a permanent internal function, independent of operational activities within the Company.

The risk management function is responsible for:

characterize the Company’s risk profile with the effective Managers;
defining the policy and strategy for risk management;
design and deploy risk management processes;
identify, according to the processes defined with the effective Officers, the risks to which the Company is exposed;
assess the impact of the risks identified in financial, operational, compliance and reputation terms;
assess the Company’s level of control over the risks identified;
propose to the effective Managers an adequate response in line with the risk profile;

implement or cause to be implemented appropriate responses to the risks identified through policies, procedures and/or action plans (including contingency and business continuity plans) the implementation of which is the responsibility of the Effective Managers;
monitoring and ensuring the adequacy and operational nature of those policies and procedures;
be the main “Promoter” of risk management at the strategic and operational level;
deploy a risk culture within the organization, with appropriate training actions;
provide regular reporting on the risks identified, the corresponding action plans and their implementation and progress, for the attention of the Effective Managers, the Audit Committee and the Board of Directors.

The list of risk factors identified to date can be found in the latest Annual Financial Report.

RFA 2023