Financial and
ESG report 2020

Internal audit

[GRI 103-1, 103-2, 103-3]
The activity of Internal Audit is regulated by the “Audit charter – the principles pertaining to internal audit activity in Bank Millennium S.A.”. This is scheduled activity based on the annual audit plan.

The planning process is based on the evaluation of risks in individual areas and processes of the Bank and of the Subsidiaries to identify the elevated risk and supporting the priorities and resources for implementing tasks. The planning process takes into account consultations with senior management and key process owners. The annual audit plan is approved by the Bank’s Supervisory Board and is implemented on a quarterly basis by experienced and qualified professionals.  

Internal auditing is an independent and objective assurance and consulting activity, which is part of the internal control system of Bank Millennium S.A. and which is pursued by the Internal Audit Department with a view to add value and streamline processes in the Bank / Bank Millennium S.A. Group as well as to evaluate the appropriateness and effectiveness of the risk management system and internal control system.  Consulting activities may be performed if their nature does not infringe the principle of objectivity and independence of the internal auditor. 

In 2020, the Internal Audit Department performed audit tasks in the Bank, in the Banks 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 BCP Group. The Department’s planned activity covered, among other things, the performance of audits of key business processes and support processes, branches and compliance with external regulatory requirements. Tasks performed by the Internal Audit Department also included explanatory proceedings and preventive audits. As part of the consulting activity, the Department performed tasks related to SREP coordination and regulatory/external inspections and audits carried out in the Bank. 

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. 

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