Head of Human Resources wins HR Director of the ... - BNP Paribas

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Each core business auditor and Group function auditor works in close collaboration with the General Inspection unit to develop the audit structure that best addresses the specific issues facing the core business or function, within the overall framework of Group organisational rules. In accordance with the principles laid down in the Internal Audit Charter, core business auditors record and monitor recommendations made as a result of their work. They also monitor implementation of recommendations issued by the General Inspection unit. Human resources As of 31 December 2003, the BNP Paribas Group had a total of 846 full time equivalent employees in the Internal Audit and General Inspection functions, 296 in the Ethics and Compliance function, and 773 in the Group Risk Management function as a whole, including 57 in the Operational Risk function. III - Limitation on the powers of the executive officer The Chief Executive Officer has the broadest powers to act in all circumstances in the name of BNP Paribas and to represent the Bank in its dealings with third parties. He exercises these powers within the limits of the corporate purpose, and subject to those powers expressly reserved by law for shareholder meetings and for the Board of Directors. Within the Group, the internal rules of the Board of Directors require the Chief Executive Officer to submit to the Board for prior approval any investment decision of more than EUR 250 million, and any proposed acquisition or divestment of equity interests of more than EUR 250 million. IV - Accounting and financial information Internal control procedures relating to the preparation and processing of accounting and financial information The preparation and processing of accounting and financial information are the responsibility of the Group Finance-Development function, whose roles include: • production and quality control of financial statements; • production and quality control of management reports, and provision of forecast figures for strategic management purposes; • control over the Group’s financial information systems. These roles are performed at a number of levels: at Group level by the Group Finance-Development function, at core business level by the core business Finance function, and within each entity. The heads of finance of the core businesses and of the main entities have operational lines of reporting to the Group Head of Finance. The accounting policies and rules applied by Group entities in preparing accounting information are drafted and updated by the central Group General Accounting Department. The central Management Control Department draws up management control rules that apply to all the Group’s business lines. These rules can be accessed in real time via the Group Intranet.
The information used to prepare the BNP Paribas Group consolidated financial statements is derived from the Bank‘s transaction processing systems and two separate reporting channels, one dedicated to accounting data and the other to management data. The reporting process is as follows: • Accounting data: Accounting information is reported directly from each entity to the accounting department within the Group Finance-Development function. This department prepares the accounts of the BNP Paribas Métropole SA entity itself, and produces consolidated financial statements based on these accounts and on information reported to it by the other entities. • Management data: Management information is reported by each entity and business line to the Finance function of the relevant core business, which then reports consolidated data for the core business to the Management Control unit within the Group Finance- Development function. For each business line and core business, a reconciliation between accounting data and management data is performed for the main income statement lines. This is supplemented by an overall reconciliation performed by the Group Finance-Development function to ensure consistency between consolidated accounting profits and management reporting profits. These two reconciliations form part of the internal controls over both accounting and management information. The Group has introduced a process of internal certification of data produced by subsidiaries and branches falling within the scope of consolidation. A project initiated in 2003 will enable the BNP Paribas Métropole SA entity to be subject to this procedure by end 2004. The head of finance of the entities concerned certifies each quarter: - that the accounting data reported to the Group Finance-Development function are reliable and comply with Group accounting policies; - that the accounting internal control system designed to ensure the quality of accounting data is operating effectively. Accounting risks identified by accounting internal controls during the internal certification process are adequately provided for, and specifically monitored. 131
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Head of Human Resources wins HR Director of the ... - BNP Paribas

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