7.5. Internal control monitoring
The Audit Committee is in charge of monitoring the effectiveness of internal control systems. It supervises the work of Internal Audit and Risk Management with regard to financial, operational, and compliance monitoring. In particular, it is informed of the scope, programs and results of the internal audit work and receives the assurance that the audit recommendations are properly implemented. The role and missions of the Audit Committee are further detailed in the Charter.
Internal audit is an independent objective assurance and consulting activity designed to add value and improve the Group operations. It helps the Group to accomplish its objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control and governance processes.
The internal audit assignments are planned and defined in terms of content on the basis of a risk analysis; the diligences focus on the areas perceived as having the highest risks. All the consolidated entities within the Group are visited by Internal Audit at least every three years.
The recommendations of Internal Audit are implemented by the management.
Other entities carry out activities of the same type in very specific areas. For example:
- the Health Safety & Environment department carries out health, safety, and environmental audits
- the Solvay Business Services Compliance and Risk Management department conducts information system audit assignments, in coordination with Internal Audit;
- the Ethics and Compliance department coordinates investigations in cases of potential infringement of the Code of Conduct.