Piraeus Financial Holdings

Internal Control System

The Group monitors the adequacy and effectiveness of the existing Internal Control System (ICS) systematically and implements immediately any actions required for a sustained response to and mitigation of any type of Risks including Operational Risk. At the same time, with appropriate early warning systems, the Group controls the consistent application of the ICS in the Units, as well as the full compliance of all concerned with the principles and objectives of the ICS. 

A fundamental concern for Piraeus Financial Holdings is the continuous, both at individual and at Group level, development and improvement of the ICS, which constitutes an aggregation of detailed control mechanisms and processes which track continuously every activity, contributing to its effective and safe operation.

Piraeus Financial Holdings has established a strong Internal Control System to safeguard its assets; safeguard and maintain a separate detailed record of customers’ assets; safeguard its interests as well as the interests of its shareholders and its customers. The members of the Board of Directors have the ultimate responsibility for ensuring the establishment and operation of an adequate and effective  Internal Control System. The Internal Control System is designed to address effectively the risks of Piraeus Financial Holdings and not necessarily to eliminate them. 

Under the current institutional framework, Piraeus Financial Holdings’ Internal Control System is supported by an integrated communications and Management Information System (MIS), also by intercomplementary mechanisms, forming an integrated system for controlling and auditing both its organizational structure and activities and also the Procedures.

The following are responsible for the assessment of the Internal Control System:

  • Audit Committee
  • Chief Audit Officer
  • The Internal Audit Unit