Risk Management

By means of its Risk Management process, the Group prepares strategies which are suitable for managing Company risks.

Identification of risks and auditing

The risk management and internal audit system of Snai is composed of activities whose aim consists in:

• identifying, evaluating and preventing actions or events which are capable of compromising the attainment of Company objectives
• identifying audits and defining procedures which will ensure the attainment of the objectives of trustworthiness, accuracy, reliability and timeliness of financial reporting
• ensuring the efficacy of the internal auditing system

The entire complex of Company activities – implemented in accordance with procedures ad methodologies that comply with the model defined in the CoSO Framework – aims to guarantee the following objectives:

• efficacy and efficiency in operational activities;
• reliability of financial statement data;
• compliance with currently effective laws and regulations.

Monitoring

The process which ensures, over time, the quality and the results of the implemented internal audits.

Management is responsible for periodically evaluating the efficacy and efficiency of the implemented audits as well as the implementation of potential action plans for improving the system.

Organizational Model pursuant to Italian Legislative Decree 231/2001

Snaitech has adopted the “Organization, management and control” model - pursuant to Italian Legislative Decree no. 231/01 and pertaining the administrative liability of legal persons – by appointing a Supervisory Body that is responsible for monitoring its adequacy and effective functioning.

This operational approach follows a risk-based logic which aims to link potential crimes with relevant company processes as well as with affected organizational structures.