CaixaBI’s risk control and management, aligned with the strategies and polices defined by CGD Group, are based on a risk culture present over the whole of its structure which guarantees the identification, analysis and management of the Bank’s exposure to different risk categories.
In addition to specific regulations whose application is accompanied by the supervisors with the objective of guaranteeing the strength of the financial system and the protection of customers’ interests, best practices in risk management have also been implemented within CaixaBI and contribute to maximising sustained value creation and the maintenance of the Bank’s solidity.
CaixaBI’s internal control system comprises a collection of strategies, systems, processes, policies and procedures, defined by the Board of Directors, in addition to the actions taken by this body and its other employees, for the purpose of ensuring:
- An efficient and profitable performance of activity in the medium and long term (performance objectives);
- The existence of complete, relevant, reliable and timely financial and management information (information goals);
- Compliance with the legal and regulatory provisions (compliance goals).
Therefore, CaixaBI endeavours to ensure the existence of an adequate control environment, a solid risk management system, an efficient information and communication system, adequate control activities and an effective monitoring process with the objective of assuring the quality and effectiveness of the system over time.
CaixaBI annually produces an Internal Control Report which is submitted to its supervisors – Bank of Portugal and the Securities Exchange Commission as well as a detailed annual report on Anti-Money Laundering which is submitted to the Bank of Portugal. It also submits an annual self-assessment questionnaire on Anti-money Laundering and Countering the Financing of Terrorism.
In compliance with the provisions of Article 304-C(4) of the Securities Code, external auditors must issue an annual report on the adequacy of the procedures and measures adopted by CaixaBI to protect its customers’ assets.
These procedures should ensure that the following objectives are met (articles 306 to 306-D of the Securities Code):
- In all acts performed as well as in its accounting and operational records, financial brokers must ensure a clear distinction between their own assets and those of each of their customers.
- The opening of insolvency proceedings, corporate recoveries or restructuring of a broker does not affect the acts performed by the broker on behalf of its customers.
- A broker cannot, on its own or in a third party’s behalf, use its customers’ financial assets or exercise any of the rights thereto pertaining, unless approved by their rightful holders.
- Investment companies cannot use money received from customers either in their own interest or on a third party’s behalf.
The latest opinion of the statutory auditors available on this date referring to 2014 concludes that the procedures and measures adopted by CaixaBI are appropriate to permit compliance, in all materially relevant aspects, with the provisions defined under articles 306 to 306-D, of the Securities Code.