Internal Audit System

Internal Audit is an independent and objective safeguard and advisory activity, designed to add value and improve the operations of the OTE group. It helps Group companies achieve their objectives by adopting a systematic, professional approach to assessing and improving the effectiveness of risk management procedures, internal auditing and corporate governance systems.

System of Internal Controls (SIC)

The system of internal controls includes all the policies, procedures, tasks and behaviors that are implemented by the Board of Directors, the Management team and the rest of our company’s human resources and aim at:

effective and efficient operation so that it responds appropriately to the risks associated with its business objectives.
Ensuring the reliability of the financial information provided both inside and outside the OTE Group.
Compliance with applicable laws and regulations, including internal corporate policies.

This model distinguishes three groups or “lines of defense” involved in effective risk management:

Business functions that include and manage risks.
Business functions that oversee risks.
Business functions that provide independent assurance.

In the first line of defense, the executives that are involved in and manage risks are responsible for implementing corrective actions for the smooth operation of the procedure.

In the second line of defense, business functions (regulatory compliance, risk management, Controlling, Compliance, Processes, Security) support the development of procedures and checks and balances that are performed by the first line of defense.

The Internal Audit System is the third line of defense providing highly independent and objective assurance on the effectiveness of the first two lines of defense comprising the system of internal controls.

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Internal Audit