Risk Management and Internal Audit
Business Risk Management identifies risks and opportunities
The Group Risk Management function supports the Board, the Executive Committee and the management teams of the Group companies in the identification, monitoring and management of risks. The objective is to systematically recognize major risks as well as opportunities. In focus are a wide range of strategic and business risk types. Group Risk Management actively involves the Group companies, the corporate functions, the Executive Committee and the Board in the risk assessment process.
Identified risks are evaluated, and countermeasures are proposed and implemented at the appropriate level. The Group’s risk profile is established by top-down, bottom-up and functional risk assessments. The Board of Directors receives regular reports on important risk analysis findings.
Internal Audit as an important monitoring instrument
The Group’s approach to internal control is based on the underlying principle of management’s accountability for risk and control management. Management in the Group is responsible for implementing, operating, and monitoring of the system of internal controls, which is designed to provide reasonable assurance of achieving business objectives and fulfilling its external obligations and commitments.
The Internal Audit function at Holcim has the responsibility to:
- Perform the activities set out in the internal audit plan, including any special tasks or projects approved by the Audit Committee
- Evaluate the effectiveness of the governance process in mitigating the risks
- Report significant observations and findings to the Audit Committee and Executive Committee
- Maintain competent staff with sufficient knowledge, skills, experience, and training to meet the requirements of this charter
- Maintain and update the internal audit methodology and process whenever appropriate