TheAudit Committee is responsible for overseeing the internal audit services, which are carried out with external suport. Among its functions is ensuring the correct design, implementation and effective operation of the Risk Management and Control Systems. The annual accounts are reviewed by the Audit Commission, as a preliminary step to their approval by Board of Directors.
Over the course of the 2013 FY Ecoembes formalized and documented all of the control activities used in the organization's main areas of business. This documentation complies with the criteria laid down in the recommendations made by the CNMV in its guide to preparing the description of the Financial Information Control System(SCIIF in Spanish).
Ecoembes has descriptions of the controls implemented to mitigate the risk of factual errors in its financial information. For critical areas, special emphasis is placed on developing strong descriptions of flows of activities and controls.
In addition, the operation of the information and internal control systems is reviewed, not only from a financial point of view, but from that of assessing the set of all those verifications whose objective is to monitor the areas of improvement detected and check that all of the company's processes are audited with a certain periodicity.
Ecoembes aims to make the efficiency of its activity compatible with the prevention of criminal risks stemming from the actions and behavior of its employees and administrators. To this end, it has created a Criminal Risk Management Manual, whose goals are to:
1. Comprise a structured prevention and control system intended to reduce the risk of committing a crime.
2. Expressly and publicly convey Ecoembes' absolute condemnation of any type of illegal behavior, which is not only contrary to legal stipulations, but also violates the ethical principles that underpin the key values of Ecoembes.
3. Adapt existing control measures to its practices so as to allow for fast preventive and intervention measures to minimize any potential impacts.
4. Inform everyone who is acting on behalf of or in any way in the interest of Ecoembes that a violation of the stipulations contained in said manual will result in the imposition of disciplinary measures.
Management is committed to devoting the resources necessary to achieve the proposed goals, and expects all its personnel to work to this end.
The company controls and handles the risks at the various levels of supervision, control and management.
1. The Board of Directors: Is responsible for maintaining the Internal Control System, including tracking and monitoring any risks of concern at Ecoembes.
2. The Audit Committee: authorized by the Board of Directors, it monitors any risks.
3. The remaining units created to implement, track and monitor the various systems for managing risks.
In keeping with the risk management policy, these units periodically review the "Risk control systems" to ensure that the various risks are properly identified, managed and made known.