Page 13 - Corporate Responsibility Report 2015
P. 13
Corporate Responsibility Report 2015
in their remit in depth and make the Corporate Control function, It is also important to note that
recommendations to the Board. assigned with Risk Management the activities of the Risk Management
responsibilities, which includes and Internal Audit functions are
The Annual Ordinary General greater visibility with a broader complementary in nature, with a close
Meeting of the Shareholders approves span of focus and value; its scope cooperation between them and with a
the actions and decisions of the Board has been expanded to include the common risk definition and framework.
of Directors during the previous establishment of an overarching
corporate fiscal year and releases the Risk Management Framework for The Board regularly reviews the
Board of Directors from any liability managing the Company’s most main risks to the business and the
from that year in accordance with the significant risks, the provision effectiveness of the System of Internal
Law 2190/1920 and the Company’s of assistance to management in Controls in managing these risks
Articles of Association. Further developing processes and controls including financial, operational and
information about AIA’s Shareholder to manage risks and monitoring compliance controls as well as the
Structure and the Board of Directors the timely remediation of potential Risk Management Process. For this
is included in the 2015 Annual Report, deficiencies. Its scope also includes purpose, the Board, through the Audit
available through the corporate website operational business continuity Committee, receives regular reports
(www.aia.gr). planning. In line with industry best from the Company’s Internal Auditor
practices, a holistic risk management and Statutory Auditor in respect of the
The Company is structured process has been adopted which adequacy of the internal control system.
around four Business Units serving identifies those airport processes The said committee is also responsible
the relevant activity sectors (Aviation, bearing significant importance to for supervising and monitoring the
Consumers, Property and IT & the Company and the impact to its performance and independence of the
Telecommunications), which hold a operations and provides a framework Internal Audit department as well as the
combined responsibility for operational for building operational resilience, selection, performance, objectivity and
excellence and business development. through effective contingency and independence of the Statutory Auditor.
Business Units are supported by various recovery measures for responding, It has oversight responsibilities on the
corporate functions. resuming and restoring operations enhancement of the business ethics and
at pre-defined levels. Finally, the anti-fraud controls. Lastly, the Audit
System of Internal Controls and interests of the shareholders are Committee monitors the adequacy of the
Risk Management optimised via a thorough and Company’s compliance with Legal and
Both the Board and the Management balanced assessment of the benefits Regulatory requirements.
are committed to maintain a sound and costs associated with the
system of internal controls to safeguard aforementioned system of established The Company maintains and
the Company’s assets and ensure controls. continuously updates a system of
that significant risks are identified iii Management’s integrated and policies and procedures, ensuring that
and adequately managed. For this coordinated approach to risk is Management directives are cascaded
purpose, AIA has adopted the most also accomplished through the and corporate objectives are achieved.
contemporary risk management activities of the Finance function that The Company invests in management
practice, often referred to as enterprise monitors financial risks and financial systems that enhance controls and serve
risk management (ERM), and aims to reporting issues, the Security/Safety its commitment for providing high-
deal with risks from a broader scope, departments which monitor the quality, state-of-the-art services. Where
depth and perspective, including respective risks and hazards and the necessary, these systems are certified in
strategic, operational and financial risks; Regulatory and Legal Compliance accordance with prevailing standards.
such approach undoubtedly constitutes Coordination function which in In this respect, AIA maintains the
an advancement as compared to the turn monitors specific risks such as certification against the ISO9001:2008
“traditional” risk transfer approach non-compliance with applicable laws standard for Quality Management and as
of managing the insurance portfolio and regulations. This systematic and of 2015 the ISO20000-1:2011 standard
and resolving claims to protect the disciplined approach enhances and for IT Service Management for its IT&T
company’s value. optimises the strategic decision- Business Unit. Furthermore, AIA holds
making capability of the company. a certification against the ISO 14001
In addition to the requirements iv The Internal Audit Function standard (release 2004+Cor1:2009) for
of the aforementioned ERM, AIA provides shareholders with its Environmental Services department.
has implemented the organisational assurance on the adequacy of the
arrangements recommended by the Company’s overall risk management Within AIA’s governance framework
Institute of Internal Auditors (IIA), processes. The Statutory Auditor and particularly relating to Corporate
which may be summarised as follows: provides assurance on the adequacy Responsibility (CR), related issues
of controls impacting the accuracy (such as environmental, safety, human
i The operational managers who of the financial statements and resources issues) are regularly brought
design and implement detailed is accountable to the Audit to the attention of the Board of Directors
procedures that serve controls and Committee. by the Management. Furthermore, the
supervise the execution of those Audit Committee, within its capacity
procedures by their employees. to monitor the adequacy of internal
and external controls, reviews the
ii The role and responsibilities of
aia.gr | 13
in their remit in depth and make the Corporate Control function, It is also important to note that
recommendations to the Board. assigned with Risk Management the activities of the Risk Management
responsibilities, which includes and Internal Audit functions are
The Annual Ordinary General greater visibility with a broader complementary in nature, with a close
Meeting of the Shareholders approves span of focus and value; its scope cooperation between them and with a
the actions and decisions of the Board has been expanded to include the common risk definition and framework.
of Directors during the previous establishment of an overarching
corporate fiscal year and releases the Risk Management Framework for The Board regularly reviews the
Board of Directors from any liability managing the Company’s most main risks to the business and the
from that year in accordance with the significant risks, the provision effectiveness of the System of Internal
Law 2190/1920 and the Company’s of assistance to management in Controls in managing these risks
Articles of Association. Further developing processes and controls including financial, operational and
information about AIA’s Shareholder to manage risks and monitoring compliance controls as well as the
Structure and the Board of Directors the timely remediation of potential Risk Management Process. For this
is included in the 2015 Annual Report, deficiencies. Its scope also includes purpose, the Board, through the Audit
available through the corporate website operational business continuity Committee, receives regular reports
(www.aia.gr). planning. In line with industry best from the Company’s Internal Auditor
practices, a holistic risk management and Statutory Auditor in respect of the
The Company is structured process has been adopted which adequacy of the internal control system.
around four Business Units serving identifies those airport processes The said committee is also responsible
the relevant activity sectors (Aviation, bearing significant importance to for supervising and monitoring the
Consumers, Property and IT & the Company and the impact to its performance and independence of the
Telecommunications), which hold a operations and provides a framework Internal Audit department as well as the
combined responsibility for operational for building operational resilience, selection, performance, objectivity and
excellence and business development. through effective contingency and independence of the Statutory Auditor.
Business Units are supported by various recovery measures for responding, It has oversight responsibilities on the
corporate functions. resuming and restoring operations enhancement of the business ethics and
at pre-defined levels. Finally, the anti-fraud controls. Lastly, the Audit
System of Internal Controls and interests of the shareholders are Committee monitors the adequacy of the
Risk Management optimised via a thorough and Company’s compliance with Legal and
Both the Board and the Management balanced assessment of the benefits Regulatory requirements.
are committed to maintain a sound and costs associated with the
system of internal controls to safeguard aforementioned system of established The Company maintains and
the Company’s assets and ensure controls. continuously updates a system of
that significant risks are identified iii Management’s integrated and policies and procedures, ensuring that
and adequately managed. For this coordinated approach to risk is Management directives are cascaded
purpose, AIA has adopted the most also accomplished through the and corporate objectives are achieved.
contemporary risk management activities of the Finance function that The Company invests in management
practice, often referred to as enterprise monitors financial risks and financial systems that enhance controls and serve
risk management (ERM), and aims to reporting issues, the Security/Safety its commitment for providing high-
deal with risks from a broader scope, departments which monitor the quality, state-of-the-art services. Where
depth and perspective, including respective risks and hazards and the necessary, these systems are certified in
strategic, operational and financial risks; Regulatory and Legal Compliance accordance with prevailing standards.
such approach undoubtedly constitutes Coordination function which in In this respect, AIA maintains the
an advancement as compared to the turn monitors specific risks such as certification against the ISO9001:2008
“traditional” risk transfer approach non-compliance with applicable laws standard for Quality Management and as
of managing the insurance portfolio and regulations. This systematic and of 2015 the ISO20000-1:2011 standard
and resolving claims to protect the disciplined approach enhances and for IT Service Management for its IT&T
company’s value. optimises the strategic decision- Business Unit. Furthermore, AIA holds
making capability of the company. a certification against the ISO 14001
In addition to the requirements iv The Internal Audit Function standard (release 2004+Cor1:2009) for
of the aforementioned ERM, AIA provides shareholders with its Environmental Services department.
has implemented the organisational assurance on the adequacy of the
arrangements recommended by the Company’s overall risk management Within AIA’s governance framework
Institute of Internal Auditors (IIA), processes. The Statutory Auditor and particularly relating to Corporate
which may be summarised as follows: provides assurance on the adequacy Responsibility (CR), related issues
of controls impacting the accuracy (such as environmental, safety, human
i The operational managers who of the financial statements and resources issues) are regularly brought
design and implement detailed is accountable to the Audit to the attention of the Board of Directors
procedures that serve controls and Committee. by the Management. Furthermore, the
supervise the execution of those Audit Committee, within its capacity
procedures by their employees. to monitor the adequacy of internal
and external controls, reviews the
ii The role and responsibilities of
aia.gr | 13
