Amadeus IT Holding, S.A. and Subsidiaries - Investor relations at ...

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In 2011 Amadeus’ Finance Function received 5,000 hours of training, related to the acquisition, updating and refreshing of financial knowledge such as accounting standards, internal control and risk management and control, and regulatory and business aspects which need to be understood for adequate preparation of the Group’s financial information. 2. Risk Risk assessment assessment assessment in in financial financial reporting reporting 2.1. The main characteristics of the risk identification process, including risks of error or fraud, stating whether: • The process exists and is documented. • The process covers all financial reporting objectives, (existence and occurrence; completeness; valuation; presentation, disclosure and comparability; and rights and obligations), is updated and with what frequency. • A specific process is in place to define the scope of consolidation, with reference to the possible existence of complex corporate structures, special purpose vehicles, holding companies. etc. • The process addresses other types of risk (operational, technological, financial, legal, reputational, environmental, etc.) insofar as they may affect the financial statements. • Finally, which of the company’s governing bodies is responsible for overseeing the process. The objective of the entity's financial risk assessment process is to establish and maintain an effective process to identify, analyze, and manage risks relevant to the preparation of reliable financial statements. Amadeus involves three major levels of participants in the risk management process: • Board of Directors reviews the Audit Committee overseeing of the risk management policies, processes, personnel, and control systems. • Group Internal Audit Office reviews periodically the corporate risk model. • Functional unit managers and other professionals are directly engaged in the risk management process within their area of responsibility. Amadeus performs risk assessments on an ongoing basis through management’s involvement in day-to-day activities. Continuous consideration is given to adapting and improving the financial reporting environment and procedures to achieve efficiencies and improved control. Management has identified risks on its financial reporting resulting from the nature of services that Amadeus provides, and management has implemented various measures to manage these risks. Risk types are classified as follows: Accounting Accounting Accounting risks risks These are risks which affect the reliability of financial information in terms of treatment of the accounting records and breaches of accounting principles, and relate to the following assertions classified into the following three categories: • Classes of transactions o Occurrence o Completeness o Accuracy o Cut-off o Classification • Accounts balances: o Existence o Rights and obligations o Completeness o Valuation and Allocation • Presentation and disclosure: o Occurrence and rights and obligations o Completeness o Classification and understandability o Accuracy and valuation 5
Organisational Organisational Organisational and and ppersonnel pp ersonnel management management risks risks These risks include IT systems management in order to ensure the completeness and reliability of the information and avoid the exposure of the Company’s significant assets to potential loss or abuse. Personnel management risks include culture definition, problems management and faults in quality and other threats to the company’s normal operations. These risks are related to the following areas: • Access security • Availability • Integrity • Segregation of duties • Supervision • Fraud • Human error. Data Data Processing Processing risks risks Mainly concerning the following issues: • Billing integrity • Protection of information • Review Process Process and and reporting reporting reporting risks risks These risks could lead to inefficiency and ineffectiveness within the Group’s structure in terms of quality, time and cost objectives when procuring financial information, and cover the following issues: • Efficiency • Timeline of information • Compliance with internal standards and policies • Effectiveness Environment Environment risks risks Environment risks arise as a result of external factors that may lead to significant changes in the foundations supporting the internal control over financial reporting objectives and strategies of the Company. Environment risks are related to the following issues: • Legal and regulatory issues • Non compliance of commitments • Tax contingencies The Internal Control Unit maintains, reviews and updates (if required) the internal control over financial reporting model with input from control owners on a yearly basis, prior to the assessment process on ICFR performed by Group Internal Audit Office. The process to identify and update financial information risks covers the following financial reporting objectives: Existence and occurrence, Completeness, Measurement, Presentation and disclosure, and Rights and obligations. This process to identify and update financial information risks also considers the impact that the rest of the risks included in the Group’s corporate risk map may have on the financial statements, mainly those of an operating, regulatory, legal, environmental, financial and reputational nature. This risk identification process is overseen by the Audit Committee and Group Internal Audit Office, as part of their duties to supervise the assessment of the conclusions on the ICFR model. Identification Identification of of the the consolidated consolidated group group The Group monitors and updates its corporate structure periodically, and has set up a detailed process for the reporting and approval of any changes in the structure of subsidiaries and significant investments over which the Group can exercise control, regardless of the legal means used to obtain this control, including special purpose entities and other vehicles. The Amadeus Group corporate structure chart is issued on a monthly basis by the Legal Department. The Finance Unit determines the consolidated group with the information contained in the corporate structure and in accordance with the criteria set forth in International Financial Reporting Standards as adopted by the European Union. 6
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Amadeus IT Holding, S.A. and Subsid
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AMADEUS IT HOLDING, S.A. AND SUBSID
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FORM ANNUAL CORPORATE GOVERNANCE RE
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A.3 Please complete the following t
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A.8 Please complete the following t
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B.1.2 Please complete the following
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Central Bank to assume a role with
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Reasons As a result of the placemen
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B.1.8 Please detail any Board membe
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Other Benefits Amount in thousands
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B.1.13 Please identify the total am
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Please specify whether the Board at
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MR. ENRIQUE DUPUY DE LOME CHAVARRI
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B.1.19 Please specify the procedure
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