2007 - April

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3.0 Chairman of the Board of Directors’ report More specifically, they present the missions carried out in Group companies, the issues raised, the recommendations made and the follow-up on these recommendations. The Sustainable Development Committee validates the audit plan. The Sustainable Development Committee proposed by the Group Committee, and may ask for internal audit assignments to be added to the audit plan. 2.2.2. Integrated process for identifying and analyzing the main risks The integrated risk management process is overseen by the Risk manager. Risk management notably involves moves to provide Group companies with a methodology and tools for the management of financial, legal, operational and strategic risks including the risk mapping process. The risk manager helps draw up and implement these tools with the heads of the companies concerned and the internal audit manager. He also reviews the findings and recommendations set out by the internal audit manager in connection with their audit assignments and the assignments carried out by other players, including financial controllers, Statutory Auditors, consultants, etc. Within this framework, either directly or through the internal audit manager, he informs the Group Committee and reports to the Sustainable Development Committee. Based on the conclusions from the mappings for each company, for each division and the compilation of all the mappings for the year formalized in the “2007 Risk Observatory”, the Risk manager then prioritizes the risks identified in this way and directs, through a partnership with the internal audit manager, the audit assignments and internal control projects to be carried out in line with the risk management strategy decided on by the Group or its companies. Mediumterm plan Strategic Committee The risk manager is also responsible for the coordination and monitoring of the insurance programs set up at Group level. 2.2.3. Control activities Internal audit The APRIL GROUP’s internal audit manager coordinates internal audit activities within the Group. Audit assignments are carried out by the holding company alone or in conjunction with various members of staff, who may or may not be members of the APRIL Group’s risk division. Over 2007, 15 other employees (financial controllers, IT professionals, HR) participated as technical experts in the various internal audit assignments. The identification of risks represents a key stage in securing operational processes and financial flows within Group companies. Based on their medium-term plan (MTP) and their knowledge of the internal and external risks for their organization, each company business division formalizes its risk mapping. In light of this information, they draw up a list of internal control projects, which are covered in action plans that are monitored at least once a year during June’s Strategic Committee sessions. The Risk Manager identifies any new financial and operational risks based on these risk mappings, as well as the information available or his exchanges with risk or insurance professionals, and with members of the Sustainable Development Committee. Risk mapping - Identification - Evaluation - Prioritization Operational feedback & updating - Mapping - Internal control system Internal control & governance system Internal control projects/action plans On major risks (rolling out the system) Audit of risk management systems Audit plan - Group - Divisions Internal control projects - Cross-business - Divisions 85 Return to the contents section
3.0 Chairman of the Board of Directors’ report Other 3 rd level control activities Within APRIL Assurances, Mutant Assurances and the Axeria Vie division, one dedicated person within each structure is responsible for internal control, contributing, through the 25 assignments carried out in 2007, to ensuring that the company’s operational procedures are compliant with internal or external standards. In all of the Group’s divisions, the 19 members of staff in charge of quality audits have also contributed, thanks to the seven assignments carried out in 2007, to these control activities in line with the Group’s internal control system. Internal audit plan The Group’s annual audit plan for N+1 is defined at the end of Year N by the Group Committee and validated by the Sustainable Development Committee. This plan is formally reviewed each half-year period. It may also be adapted according to the importance of new risk areas identified or any specific requests. More generally, all internal audit missions are carried out in line with the Group internal audit charter aiming to: 1) Present and disseminate the objectives of internal audit missions within APRIL GROUP companies; 2) Define the responsibilities of the various stakeholders in the APRIL GROUP internal audit process; 3) Present the operating principles for internal audit and the practical conditions for its implementation within APRIL GROUP. Each internal audit assignment is covered by a mission statement signed by APRIL GROUP’s Chairman and Chief Executive Officer and a detailed work program. These documents are sent out to the manager of the company in question prior to the assignment. Types of internal audit missions We differentiate between the following types of mission: Cross-business missions and optimizations The aim is to conduct audits on specific cross-business issues for the various Group companies. These audits meet the objective for control activities present throughout the organization, at all levels and in all functions. These missions also make it possible to identify and distribute best management practices within the Group. Specific missions They are focused on potential or proven risks that have been identified and are specific to a given company or group of companies. Such audits may be carried out in conjunction with external auditors. These assignments may also make it possible to ensure compliance with the procedures, rules and standards of the Group and its companies. Integration follow-up missions They concern the companies that joined the Group over the previous year. These comprehensive audits make it possible to check and supplement the implementation of internal control procedures defined by the Group. Any specific points identified during audits carried out when these new companies were acquired or their first months of integration within the Group are also followed up on in connection with these missions, with further recommendations issued as relevant. Audit follow-up missions These represent essential audits in order to take stock of progress made with the internal control system and the effective application of previous recommendations. Mission deliverables and follow-up At the end of each mission, a review meeting is held with the manager of the company concerned. This meeting is also attended by APRIL GROUP’s Risk manager, the head of the division in question, the auditors as well as any other specialists whose expertise could help improve the level of internal control. At this point, the written report on the investigations and the synopsis of recommendations are submitted to the manager of the company in question. Recommendations are based on three levels: high risk, requiring immediate action, moderate risk, requiring an action over the medium term, low risk, when the timeframe for implementing corrective actions is left to the company’s discretion. This approach enables the units being audited to take the recommendations made on board. For each improvement action proposed, a deadline is set and a manager appointed. Follow-up missions are carried out to track the implementation of recommendations, checking progress made against the deadlines set during the review meeting. The head of the company concerned must ensure that the recommendations made in connection with internal audits are taken into consideration effectively, and reports on the improvements made at meetings of the Boards of Directors. 86 Return to the contents section
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7.0 Index of headings INFORMATIONS
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2007 - April

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