The winners of the first Italian edition of the EY risk transformation awards have been proclaimed, the recognition given by EY throughout the world and from this year also to Italian companies that have distinguished themselves for their innovation and risk management capabilities, transforming elements of uncertainty and complexity in opportunities for growth. These recognitions confirm the centrality of the internal control and risk management functions which, also due to the significant impacts that technological evolution is having on the business, take on an increasingly decisive and strategic role in the achievement of company objectives. The ability to adequately manage risks is, in fact, confirmed as a crucial issue on the agenda of Italian boards which identify the risks connected to technological and digital disruption among those that could have the greatest impact on company performance in the future.
Alberto Girardi, partner and risk consulting leader, EY Italia, comments: “We are proud to celebrate these entities that have been able to implement innovative, structural and cross-functional approaches to risk management, significantly contributing to the economic, social and environmental development of the country . In a constantly evolving and uncertain geopolitical and economic landscape, it is increasingly important for companies to be ready for change to strengthen their competitiveness on the market, consolidate growth and transform challenges into strategic opportunities.”
The awards ceremony took place yesterday in Milan at Allianz MiCo, as part of the Global risk forum, the event dedicated to risk management professionals, held within the Business leaders summit, organized by Business international, the knowledge unit of Fiera Milano, as an opportunity for dialogue and discussion between professionals in the sector.
Alessandro Costantini, EY Italia risk consulting partner, adds: “Internal control functions take on an increasingly strategic role in the current socio-technological context, characterized by non-linear innovation and growing complexity. They represent a fundamental pillar in the broader corporate governance for responsible and sustainable management, supporting the board in achieving strategic objectives and maintaining stakeholder trust”.
For the occasion, EY organized an in-depth moment dedicated in particular to the topic of AI (Artificial Intelligence) to examine the impact that this innovation is having on the entire country system with a specific reflection on governance and control measures necessary to manage risks and ensure regulatory compliance. It is a resource, AI, which in turn requires conscious, ethical and transparent management not only in technological terms, but also of processes and between people. This plurality of interventions is also reflected in the different categories that were awarded at the EY risk transformation awards: corporate compliance, sustainability and digital transformation.
The winners were selected by an independent jury of experts and academic and institutional representatives composed of Massimo Michaud, president of Cineas (university insurance engineering consortium founded by the Polytechnic of Milan in 1987), Patrizia Misciattelli delle Ripe, president, Aifo (Italian family association officer) and Antonio Sorrentino, professor Information systems to support business decisions – Faculty of Economics at the Catholic University of the Sacred Heart of Milan.
The award relating to the corporate compliance category was assigned to Eni which “is recognized for its constant commitment to the research and development of innovative and integrated solutions in the Compliance field, supported by the avant-garde choice of having established, since the end of 2016, directly dependent on the CEO, a dedicated integrated compliance structure. The ability to deal with the complexity resulting from a constantly evolving regulatory context and structural changes demonstrates a far-sighted vision and a proactive approach towards compliance management with an international scope”.
Poste Italiane was awarded in the sustainability category. According to the jury, “Poste Italiane has stood out for years for its commitment to sustainable development. The sustainability strategy, as defined by the group’s sustainable development, risk & compliance function, not only integrates perfectly into the industrial plan, but becomes a critical success factor for achieving the strategic objectives of the plan itself. The complexity of the Group and its territorial location make the strategic definition work carried out even more notable. The sophistication of the model adopted and the holistic approach to sustainability represent a best practice for the market, providing a concrete example of how an organization, by positively influencing the environment and society, manages to maintain an even more stable high level of company performance”.
Edison wins the award in the Digital Transformation category: “the victory is the result of a constant commitment to innovation and efficiency, as demonstrated by the digitalisation path of internal control functions and the study of the application of artificial intelligence to the Group’s activities. In particular, the use of advanced process mining techniques in Internal Auditing activities has allowed us to raise the level of control and transparency within the entire organization and has convinced the Jury of the Edison Group’s leadership in the field of Digital Transformation ”. Two prizes were also awarded, respectively the EY special prize to Nexi and the special jury prize to Amplifon. Recognitions that aim to enhance companies that have stood out for their ability to react and transform their internal control framework and risk management in the face of a sudden evolution of the reference context and a widespread multi-country approach.
