IBERSOL | Annual Report 2021

CORPORATE GOVERNANCE REPORT As regards the risks to the security of tangible assets and persons, poli- cies and standards have been established and are monitored to ensure compliance. All units are subject to external audits and preventive and corrective measures are taken in respect of the risks that have been identified. To ensure compliance with the established procedures, the Group’s main internal control systems are evaluated periodically. 55. Main elements of the internal control systems and risk manage- ment implemented by the company regarding the financial disclosure process. The Company does not have any internal audit services reporting direct- ly to the Statutory Audit Committee (given the classic model adopted), the necessary compliance services being overseen by the individual de- partments of the company. Organizationally and functionally, the various Directions of the Group are directly responsible for compliance services to the Board of Directors and to the Supervisory Audit Committee and the persons responsible are duly identified in the Company’s organiza- tion chart, it is necessary to reaffirm that they perform in interaction with both the Supervisory Board and the non-executive Directors of the Company, reporting functionally to the same Directors, regardless of the hierarchical relationship that these departments maintain with the Ex- ecutive Management of the Company. The External Audit assesses and reports the risks of reliability and integ- rity of the accounting and financial information, thus validating the in- ternal control system established in the Group and which is materialized in the clear separation between those who prepare and their users and in the performance of various procedures of validation throughout the process of preparing and disclosing financial information. Within the scope of Audit Services, the external auditor meets with the different departments of the Group, at least twice a year to analyse and review the internal control system, submitting a Report to the Statutory Audit Committee for subsequent discussion with the Board of Directors. Regarding the risk in the process of financial information disclosure, only a restricted number of employees is involved in the disclosure process. All those who are involved in the process of financial analysis of the Company are considered to have access to inside information and are 274