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Internal audit process

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The Corporate Internal Audit Department is responsible for supervising the effectiveness of the entity's risk management, internal control, governance and information systems, as well as verifying compliance with internal and external regulations.

This Department is functionally dependent on the Audit and Compliance Committee and reports to the Chief Executive Officer for performing its functions, with hierarchical and functional independence from the rest of the directorates.

The Corporate Internal Audit Department acts independently as the third line of defence within the bank's governance framework.

This Department periodically reports to the Audit and Compliance Committee and to the Management Committee on the development and results of the Annual Audit Plan and any other special work that may arise, on the proposed recommendations and the degree of implementation thereof, as well as on the adequacy and sufficiency of its resources and systems to carry out its mission.

Its scope of activity covers all the activities carried out in the entity and its group of companies, aligned with the corporate strategy designed and committed to the permanent improvement in the performance of its function.

Its activity includes auditing the commercial network, markets and structural risks, central services, processes and systems. And, to do so, it has access to all the people, files, data, systems and assets deemed necessary for the performance of its duties.

The functions performed by Internal Audit can be summarised in seven processes that allow to understand the scope of the activity carried out:

  • Preparation of the Audit Plan
  • Execution of audits at business centres
  • Execution of centre audits
  • Follow-up on audit recommendations
  • Process for developing and maintaining applications supporting the audit function
  • Internal audit reporting and communication
  • External Audit collaboration and coordination

The bank's digital transformation has allowed Internal Auditing to optimise its operations, developing several initiatives to improve obtaining the information to be reviewed, increasing the volume of verifications and having more efficient information systems.

During 2019, this Department conducted 294 audits and other work on processes, centres and systems, 1002 audits of centres in the Commercial Network and recorded 980 fraud prevention alerts.

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