Internal Audit Directorate

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The Bank of Italy's internal controls system facilitates the achievement of its business objectives, the quality of the services it provides and the efficient use of resources. At the same time, it oversees a variety of business risks and compliance with the law and internal rules and regulations.

The controls structure is based on the principle that each unit is responsible for the risk management of its own specific activities and for the efficiency and effectiveness of its results. Technologies that allow increasing integration of activities and computerization of line controls are widespread in our work processes.

Controls entrusted to non-operational units, through orientation and monitoring activities, oversee the different types of risk (operational, financial, fiscal and accounting, IT, safety and security related, and legal), taking an overall view and applying principles of cost-effectiveness.

The fully independent Internal Audit Directorate verifies the continuing adequacy of the controls system. Periodically, the Directorate is subject to an external evaluation, in line with international standards.

The Bank of Italy's Audit Committee (composed of three members of the Board of Directors and one member of the Board of Auditors acting as an observer) supervises the work of the Internal Audit Directorate, its standard of performance and its compliance with the audit policy and international standards.

The Internal Audit Directorate participates in the Internal Auditors Committee (IAC), an ESBC/Eurosystem and Single Supervisory Mechanism (SSM) audit supervisory body.

The Internal Auditors Committee, in accordance with the Audit Charter for the Eurosystem/ESCB and the Single Supervisory Mechanism (SSM), assists in the achievement of Eurosystem/ESCB and SSM objectives by providing independent, objective assurance and consulting services designed to add value and improve the performance of Eurosystem/ESCB and the SSM tasks and activities.

The Internal Auditors Committee reports to the ECB's decision-making bodies and is responsible for preparing and implementing the Eurosystem/ESCB and SSM audit plan. Moreover, it defines common standards for the audit work in Eurosystem/ESCB and SSM.

Number of employees: 57

Head: Massimo Marotta