Page 154 - 2012 Annual Report

154 VIVENDI l 2012 l Annual Report
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INFORMATION ABOUT THE COMPANY – CORPORATE GOVERNANCE
SECTION 3 - CORPORATE GOVERNANCE
RISKS COMMITTEE
3.7. RISKS COMMITTEE
In January 2007, the Risks Committee was set up with the purpose of
making recommendations or issuing opinions to the Management Board
in the following areas:
✱ the identification and assessment of potential risks that may arise
from operations performed within the Group;
✱ the review of the adequacy of risk coverage and the level of
residual risk;
✱ the formulation of recommendations with a view to improving
risk coverage;
✱ the review of insurance programs; and
✱ the list of risk factors and forward-looking statements as disclosed
in the documents published by the company.
3.7.1. Composition
The committee is chaired by the Chairman of Vivendi’s Management Board.
It is comprised of at least four members including its Chairman, and:
✱ the Group’s Chief Financial Officer, member of the Management Board;
✱ the Group’s General Counsel; and
✱ the Director of Internal Audit and Special Projects.
3.7.2. Powers
The committee aims to promote the exchange of best practices within
the Group within the areas of risk prevention and management and to
provide support to subsidiaries in their ongoing efforts to improve risk
management. This objective is dependent upon designated contacts
within the business units who are responsible for implementing the
risk prevention policy and for monitoring the progress of preventive or
corrective action plans.
The Risks Committee passes its principal conclusions and recommendations
on to the Audit Committee of Vivendi’s Supervisory Board.
3.7.3. Activity in 2012
In 2012, this committee met three times. The main topics addressed were,
in particular:
✱ the review of risk mapping;
✱ sub-contracting risk analysis and the revenue assurance program
at GVT;
✱ the risks and objectives related to regulatory matters at SFR, Canal+
Group, Maroc Telecom, Universal Music Group and GVT; and
✱ ensuring the safety of the Group’s businesses safety in relation to
cybercrime risks: protection of websites, service platforms, distribution
networks and IT systems at Universal Music Group, SFR and Canal+
Group.