Internal Control

The "Internal Control System" is defined as the set of control mechanisms and procedures that cover every activity of the Company on an ongoing basis and contribute to its efficient and secure operation, the efficiency and effectiveness of corporate operations, the reliability of financial information and compliance with the applicable laws and regulations.

The company has an adequate and effective internal control system, with clearly recorded procedures, which aims at the effective management of its available resources, in accordance with the decisions of the Board of Directors and dealing with the most important risks.

Internal Control is an independent and objective assurance and consulting activity, designed to add value and improve the functions of an organization. It assists the organization to achieve its objectives by adopting a systematic, professional approach to evaluating and improving the effectiveness of Risk Management, Internal Control Systems and Corporate Governance procedures.

The Internal Audit Unit (IAU) constitutes an independent organizational unit within the Company, which monitors and improves the operations and policies of the Company regarding its Internal Control System. IAU is independent from the other business units of the Company and reports administratively to the Chief Executive Officer and operationally to the Audit Committee of Decision 1/891/ 30.9.2020 of the Hellenic Capital Market Commission and the Corporate Governance Code 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 the timely, full and continuous compliance of the Company with the current regulatory framework and to have a complete picture of the degree of achievement of the above at all times. When 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 practice

Respectively, in the context of Risk Management, the Company applies the enterprise risk management framework prepared by the COSO Committee in 2004. In accordance with the COSO framework, enterprise risk management is defined as “a process, effected by an entity’s board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.” This specific framework consists of three different dimensions, as shown in the graph below.

The main responsibilities of the Risk Management Unit are the following:

  • • The identification, evaluation and reporting of the most important risks, as well as finding the appropriate methods to minimize them.
  • • Making proposals regarding the risk profile and risk appetite of the Company.
  • • Making proposals regarding the risk management policies and procedures.
  • • Making proposals regarding the overall risk management strategy.
  • • Estimating capital requirements on existing and future risks.
  • • Submitting risk assessment reports and other reports.

maps and flags  Likovriseos 7, Metamorfosi 14452

phone call  210 - 2826825

fax210 - 2818574

email  ir@iktinos.gr

Ικτίνος Ελλάς Α.Ε. - Επενδυτικές Σχέσεις