As integrating part of its own Internal Control System, the Mediaset Group has implemented a Risk Management model in order to better respond to the risks to which it is structurally exposed.
As defined in the Group's Code of Ethics, the Internal Control System, is "a set of rules, procedures and organisational structures aimed at maintaining, through an adequate process of identification, measurement, management and monitoring of the main risks, a healthy, correct and consistent corporate management in line with the relevant objectives. An effective internal control system contributes to ensuring the preservation of the net worth of the organisation, the effectiveness and efficiency of corporate operations and transactions, the reliability of financial information flows and the observance of the applicable laws and regulations".
In compliance with the provisions set out in the Code of Ethics adopted by the Mediaset Group, during 2007 the Board released the guidelines for the Internal Control System, which identified the methods to apply for the purpose of identification, management, measurement and monitoring of the risks to which the Group is exposed (Enterprise Risk Management). Such guidelines were followed by the definition of a series of operating rules suitable for the identification and regulation of the activities, responsibilities and information flows necessary to manage risks ("Internal Control System Policy").
The process regarding the identification and valuation of risks was based on a self risk assessment by the Management and Top Management. The considerations brought up by the Management and Top Management of the Group highlight that enterprise risks have been so far controlled and managed in an adequate way. In recent years, the Group has manifested a natural bent for and, consequently, ability to progressively adjust the strategic and process-linked risk control criteria in relation to both the evolution of the competitive scenario and the growth opportunities emerging in the market, managing in the first place the inherent enterprise risk and, secondly, the risk linked to the general economic situation.
Main risk factors and uncertainties
The pursue of the strategic objectives and the economic-financial situation and position of the Mediaset Group are subject to the impact of a number of potential risk factors and uncertainties which can be ascribed to the following categories:
- "External and sector-specific" risks: these are primarily correlated with the evolution of the economic cycle, the evolution of the intermediate and final markets of reference (relating to the demand for audiovisual and entertainment product content and the demand of advertising space) and the evolution of the regulatory and legislative framework of reference;
- Risks correlated to the implementation of strategic guidelines and orientations (reputation, management of partnerships and alliances) and the management of the main "operating" processes linked to the management, also in terms of development, of the technical, logistic and publishing conditions through which the production factors and the strategic assets (managerial resources, content and distribution network), engaged in the typical activities of television production and broadcasting, are co-ordinated and managed;
- "Financial" risks correlated to the management of needs and requirements and fluctuations of rates and exchange rates;
- Risks connected to the management of legal disputes;
- Risks connected to the environmental policy;
- Risks connected to Governance.
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