2019 Financial
and Social Report

Internal audit

[GRI 103-1, GRI 103-2, GRI 103-3, GRI 102-17, FS9] The activity of internal audit is regulated by the document entitled “Audit charter – the principles pertaining to internal audit activity in Bank Millennium S.A.”. Audit planning is based on the evaluation of risks in individual areas and processes of the Bank and of the Subsidiaries to identify the elevated risk. The annual audit plan is approved by the Bank’s Supervisory Board and is implemented on a quarterly basis.

In 2019, the Internal Audit Department performed audit tasks in the Bank, in the Bank’s Subsidiaries, in third party companies to which, where permitted by law, the Bank outsourced the performance of banking and banking-related activities and within the Millennium BCP Group. The Department’s planned activity covered, among other things, the performance of audits of key business processes and support processes, as well as financial audits of branches and compliance with external regulatory requirements. Tasks performed by the Internal Audit Department also included explanatory proceedings and preventive inspections.

The Internal Audit Department is an independent unit reporting to the Chairman of the Bank’s Management Board, which delivers results of its activities to the Audit Committee of the Supervisory Board and to the Bank’s Supervisory Board. The results of the operating review of the entire internal control system and of its selected elements are presented regularly and evaluated by the Audit Committee of the Bank’s Supervisory Board.

Internal audit activities Number of audits Including audits
in the companies
Process/IRF audits 52 3
Process audits

(as planned by the former Euro Bank)

2 0
Provision (Process/IRF audits) 14 1
Audit of outlets 160 0
Prevention (process) audits 7 1
Prevention audits (Retail) 31 0
TOTAL:  266 5
Other activity 7 1
Explanatory proceedings (ad hoc) 108 0

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