Annual Report 2019

Internal Control

GrandVision's internal control activities provide reasonable assurance that there are no misstatements in financial reporting, that compliance to local laws and regulations is achieved, and that we achieve ongoing enhancements to internal process effectiveness.

We have embedded a comprehensive Internal Control Framework with a set of minimum internal control standards in the organization and management’s incentive schemes. Periodically, we review our standards to ensure that the controls and guidance remain relevant and effective, and in line with the identified main risks.

At least every six months, operating companies and group departments assess the components of the standards. Their results include improvement plans, which are discussed with regional management and Internal Audit, and are reported to the Management Board and Audit Committee. We also hold 'close-the-gap' sessions and internal control assessments where relevant and residual risk exceed the risk appetite.