Internal Audit System
The Group monitors the adequacy and effectiveness of the existing Internal Audit System (IAuS)
systematically and implements immediately any actions required for a sustained response to and
reduction of Operating Risk. At the same time, with appropriate early warning systems, the Group
controls the consistent application of the IAuS in the Units, as well as the full compliance of all
concerned with the principles and objectives of the IAuS.
A fundamental concern for Piraeus Bank is that continuously, both at individual and at Group level, it develops
and improves the Internal Audit System, which constitutes a totality of detailed audit mechanisms and processes which
track continuously every activity and transaction of the Bank, contributing to its effective and safe
operation as well as the continuous reduction of operating risk.
Piraeus Bank has established a strong Internal Audit System to safeguard its assets, to ring-fence and
maintain in a detailed manner and safeguard its clients' assets and to safeguard the interests of its
shareholders. The members of the Board of Directors have the ultimate responsibility for maintaining the Internal Audit
System and for monitoring and evaluating its adequacy and effective implementation as well as the constant risk reduction. The Internal Audit
System is designed to address effectively the risks to the Bank a/as not necessarily to eliminate them.
Under the current institutional framework, the Bank's Internal Audit System is supported by an
integrated communications and Management Information System (MIS), also by intercomplementary
mechanisms, forming an integrated system for controlling and auditing both the Bank's organizational
structure and activities and also the Procedures.
The following are responsible for implementing the Internal Audit System:
- The Internal Auditor
- The Audit Committee
- The Internal Audit Service