Risk Management & Regulatory Compliance
The Risk Management & Regulatory Compliance Unit of the company was established in accordance with the provisions of Law 4706/2020 on corporate governance, Decision 1/891/30.9.2020 of the Hellenic Capital Market Commission and the Code of Corporate Governance followed by the Company.
The Company has the obligation to adopt and implement a corporate governance system which, among other things, includes an adequate Regulatory Compliance System.
The main mission of Regulatory Compliance is the establishment and implementation of appropriate and up-to-date policies and procedures, in order to achieve in time, the Company’s full and continuous compliance with the applicable regulatory framework and to have at all times a complete picture of the degree of achieving this purpose. In establishing the relevant policies and procedures, the complexity and nature of the Company's activities are evaluated, including the development and promotion of new products and business practices.
Respectively, in the context of Risk Management, the Company applies the business risk management framework prepared by the COSO Committee in 2004. In accordance with the COSO framework, business risk management is defined as “a process carried out by the entity’s board of directors, management and other staff, applicable to the regulation of the strategy and throughout the business. It is designed to identify potential events that may affect the entity, manage risks and provide reasonable and solid assurance about the achievement of the business objectives.” The specific framework consists of three different dimensions, as shown in the graph below.
The main responsibilities of the Risk Management Unit are the following:
- Identifying, evaluating and reporting the most important risks, as well as finding the appropriate methods to minimize them;
- Making recommendations about the Company’s risk profile and risk appetite;
- Making recommendations about risk management policies and procedures;
- Making offers about the overall risk management strategy;
- Estimating capital requirements on existing and future risks;
- Submitting risk assessment reports and other reports.
Regulatory Policy and Internal Operating Regulation Of The Regulatory Compliance
Risk Mangement Policy and Internal Operating Regulation Of the Risk Management Unit