The following are prepared based on the analysis of reported risks:
- a map of key risks for the organisation presented at meetings of the Management Board and the Audit Committee,
- a map of other risks controlled and monitored by the Directors of Budimex S.A. Divisions, who simultaneously perform the function of members of the Supervisory Boards in subsidiaries.
For every risk, tools and activities for its minimisation are specified. Each risk is assessed at the level of inherent (before consideration of tools and activities for its reduction) and residual risk (after application of tools and activities for its reduction). The risk may be classified as very serious, serious, moderate and irrelevant with regard to its consequences and probability of its occurrence, as well as to business exposure.
The risks that are very serious and serious from the level of inherent and residual risk and key for particular areas of activities are controlled by the Management Board. Other risks, which, after applying tools and activities reducing risk at the level of residual risk, show the weight of moderate and low risk, are controlled by individual Division Directors. The risks are monitored on a quarterly basis. This approach covers both financial and non-financial risks.
There were no non-financial risks on the map of key risks. The map of other risks includes the selected environmental risks.
On 29 September 2020, the Supervisory Board of Budimex S.A. approved the establishing of an independent entity of the Internal Audit Office (BAW) at the request of the Management Board. On 19 November 2020, the Supervisory Board approved the decision to appoint the person managing this unit. The Head of the Internal Audit Office was given the task of organising an independent internal audit function, providing systematic and objective assurance and advisory services in the areas of risk management, managerial control and corporate governance. This change is part of improvement of the management and supervision mechanisms at the Budimex Group.