ANNUAL REPORT ‘12
CORPORATE GOVERNANCE AND COMPLIANCE
130
We emphasise that the Code of Ethics and Conduct
applies to all companies in the ANA Group.
13.5_RISK MANAGEMENT AND CONTROL SYSTEM
ANA, S.A. is an airport operator, a sector that is in
constant change, leaving it exposed to a greater
uncertainty about attaining its strategic goals. This
means ANA, S.A. must have assessment and manage-
ment mechanisms for risks that could compromise
its success.
ANA, S.A.'s risk management model was created in
2007 and revised in 2010, placing greater emphasis
on the priority risks associated with its business activity,
and based on a dedicated organisational structure
that provides the necessary strategic management
support.
The following diagram shows how the risk management
model is formalised and structured in the company, in
such a way as to allow oversight of the management
of priority risks.
The Risk Committee includes, as permanent elements,
the Chairman of the Board of Directors, the Member
of the Board responsible for the area of finance, the
Financial Director and the Risk Coordinator. Whenever
appropriate, other elements of the macro-structure
can also participate, according to the subjects being
discussed.
The Risk Committee is responsible for:
• Discussing and approving measures to mitigate risk
to be implemented, after monitoring priority or
other risks that might be identified with a growing
impact on each of the company’s areas;
• Proposing to the Board of Directors discussions
regarding mitigation measures approved by the Risk
Committee;
• Proposing and analysing, for approval by the Board
of Directors, the levels of risk exposure for each of
the priority risks.
The Risk Management Advisory Office, part of the
Finance Department, is responsible for managing
ANA, S.A.’s priority risks, in close collaboration with the
Risk Committee and various others of the company’s
business units.
The Risk Management Advisory Office has the follow-
ing duties:
• Periodically assessing and prioritising the main risks
to which the company is exposed;
• Continuously quantifying and monitoring the
company’s priority risks;
• Preparing analyses and the respective monitoring
reports regarding priority risks and recommenda-
tions for mitigation measures to be implemented;
• Monitoring the implementation of mitigation
measures in the company’s different areas;
Risk Committee
Risk
Management
AdvisoryOffice
Financial Department
Priority Risks
Risks associated
with certified areas
Board of
Directors
