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Internal controls system
The IOR has adopted a system of internal controls designed to ensure that the Institute’s activities are consistent with strategies and internal policies and comply with the rules of sound and prudent management, and also to promote a culture of control and risk mitigation in all areas and functions of the Institute in a climate of mutual cooperation.
The Institute’s internal control system has three levels:
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First-level (or line) controls are designed to ensure the proper conduct of operations and are performed by the operational units themselves
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Second level controls are designed to ensure implementation of the risk management process, compliance with the operational limits assigned to the various functions and the compliance of operations with regulations. They are performed by functions that are separate and independent from the operational functions, i.e. the Risk Management and Compliance, AML&CFT control functions (Article 31 of the General Regulation of the Istituto per le Opere di Religione)
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The purpose of the third level controls is to identify non-compliance with procedures and regulations, assess the completeness, adequacy, functionality (in terms of efficiency and effectiveness) and reliability of the internal control system, with the frequency determined by the nature and intensity of the risks. These controls are carried out by the Internal Audit function (art. 31 General Regulation Istituto per le Opere di Religione)
