to download Telecom Italia Annual Report 2011 - Company Reporting

The Risk Management department manager helps with the coordination of the Committee, which meets
on a quarterly basis (or according to specific requirements) and is intended to guarantee governance of
the Group risk management process.
The ERM approach, approved by the Risk Management Committee, is based on an assessment of the
risk profile by management in relation to company processes and the strategic objectives. This approach
provides for risks to be mapped, focusing on the ones regarded to be most significant, and on the
formation of inter-departmental working groups defined by the Group Risk Management Committee for
the implementation of mitigation plans and control indicators.
The process is updated on an annual basis (or more regularly) at the discretion of the Group Risk
Management Committee.
During 2011:
• the stages required by the ERM 2010 cycle were completed, creating a more mature risk
management process, defining action plans for the main risks and monitoring these using a
quarterly risk dashboard;
• the 2011 ERM cycle was launched;
• The Group's 2011 corporate risk profile was defined (excluding Telecom Argentina) which involved
completing the analysis phase and part of the evaluation phase (risk assessment and allocation).
The subsequent phases are expected to be completed during 2012;
• in September, the Group Risk Management Committee approved the updated version of the
"Telecom Italia Group Risk Management Guidelines" and the "Enterprise Risk Management in the
Telecom Italia Group" organisational procedure, which are intended to provide Group companies with
a reference tool for day-to-day risk management activities.
Report of Operations Sustainability Section 137