In 2012 the CIR group adopted the provisions introduced on the subject of risk management by Borsa Italiana’s Code of Conduct
for listed companies. The Board of Directors of CIR S.p.A. has strengthened its governance model, defining a system of internal control and risk management that identifies a system of rules to enable the company to be managed in a sound and correct way, consistent with the predefined objectives and the interests of all the stakeholders.
The model identified by the group is based on an ERM (Enterprise Risk Management) approach
, developed in line with international best practice. The model has the aim of enabling an analysis and a judicious assessment to be made of the elements of risk that could jeopardize the achievement of the strategic objectives, and also of identifying instruments suitable for preventing, managing and mitigating the most important risks, which can be divided into four categories: strategic risks, risks linked to operating processes, planning and reporting risks, compliance risks.
The CIR group is effectively exposed to the risks of the companies that make up the group and which are presented below.
The main risk factors for GEDI
can be classified in three categories: risks connected to the general conditions of the economy, operating risks (price risk for paper, credit risks, legal risks, compliance and regulatory risks of the sector) and financial risks. During 2013 the company arranged for its organizational structures to analyse, evaluate and map out the risks and see how compatible they were with the strategic objectives of the organization. This monitoring activity made it possible to prepare and put in place a structured system of risk management, which is reassessed and updated every year.
, risk prevention and management not only constitute a legal obligation but are also an indication of the quality of the approach to the business, as a guarantee for patients and staff and in the interest of the company. For this reason, in 2012 KOS adopted a model of Enterprise Risk Management that made it possible to define a catalogue of risks that could have an impact on the strategy and the objectives of the company. The risks in the catalogue are measured precisely, are evaluated with management and are integrated with the system of internal control. Sogefi
too has adopted a model of Enterprise Risk Management at global level. Developed from universally recognized models and best practice, Sogefi’s ERM model was prepared in synergy by all the managers of the company and makes it possible to identify in a structured way the risks that could jeopardize the achievement of the company’s strategic objectives, and to put in place actions able to anticipate, mitigate and manage the risks.
In order to continue its ongoing monitoring of risk, at the end of the year CIR began a process of analysing its ERM matrix with reference to the sustainability risks revealed by best practice. This activity led to the identification of specific elements of sustainability that were integrated into the matrix, giving a more complete vision of the risks already identified and thus a better evaluation and definition of the mitigating action to be taken.