Internal control systems

UniCredit Bank Ireland Internal Controls framework is assured by the Supervisory Bodies and the Senior Management functions in overseeing the main initiatives and issues affecting the bank.

layers interal control system


The Board is responsible for implementing an adequate and effective internal Controls framework, which includes a well-functioning risk, compliance and internal audit functions as well as an appropriate financial reporting and accounting framework. All key control functions within the Company such as risk management & compliance (2nd layer), internal audit (3rd layer) are independent from the business units (1st layer), and have adequate resources and authority to operate effectively and receive timely, accurate and sufficient detailed information.
In order to support the Directors, the Board has delegated authority to two sub-committees, the Audit and Risk Committees, to act on its behalf in respect to Audit and Risk matters. The Board is responsible for the oversight of each of its committees.

Audit Committee

The primary function of the Audit Committee is to assist the Board in fulfilling its oversight responsibilities in respect of the Bank and its affairs. The Audit Committee is made up of two independent non-executive directors and one group director.
The Board has produced (and reviews regularly) the detailed terms of reference for the Audit Committee detailing , among other things, its duties, responsibilities, authority, the manner in which it should operate and rules in relation to its composition. Each member of the Audit Committee is provided, and is expected to comply, with these terms of reference. The full terms of reference of the Audit Committee are available to each Director.
 
The AC will be appointed by the Board from amongst the suitably qualified non-executive directors of the Company and will consist of at least three members. The majority of members of the AC must be independent for the purposes of the CBI Requirements and at least one of the members of the AC must be an “independent non-executive director” within the meaning of the Statutory Audits Act and the Companies Act 2014 who has competence in accounting or auditing. The AC as a whole is required to have relevant financial experience with at least one member to have an appropriate qualification and the Audit committee and the Risk committee should have at least one shared member.

Programme Committee

The Programmes Committee was established in order to approve the Company’s entry into and update of any Programmes.

Other Committees

In addition to the Board delegated sub committees (Audit,Risk Committee and Programme) there are a number of managerial committees as follows:

  • Asset and Liability Committee (ALCO)
  • Management Committee
  • Security Management Committee (SMC)
  • Credit Committee (CC)
  • Internal Controls Committee (ICC)