Page 51 - ENAV eng_Relazione_Finanziaria_Annuale_2014

Report on Operations 49

Business and regulatory risk

ENAV’s mission is to ensure air traffic safety in compliance with the
industry’s highest technical standards and to optimize the efficiency of its
activities in a cost-effective manner through the continuity of air navigation
services and flight punctuality. The Group operates in regulated markets
and the change of the working rules and the requirements and obligations
that are features of these rules can affect the Group’s operations and
indeed its results; likewise, it is affected by the trend in air traffic which, in
turn, is influenced by the economic situation and by the economic-financial
conditions of individual airline companies. The Group’s business depends
on the general economic situation which may affect it in terms of developed
traffic and regulatory compliance, including laws that implement protocols
or international treaties. Under the National Performance Plan, since 2012
for en-route services and since 2015 for terminal services, ENAV has had
to comply with targets introduced at a European level, with the result that
maintaining and improving the quality of the services it provides, adapting
swiftly to changing market demands and paying close attention to internal
efficiency objectives, will continue to be critical success factors.

Risk monitoring

As parent company, ENAV is subject to the same business risks and
uncertainties as Group companies. Therefore, it has set up an internal
control system with rules, procedures and organizational structures in order
to prevent or limit the consequences of unexpected results and to achieve
strategic and operational objectives, and to ensure conformity to applicable
laws and regulations. For this purpose, in addition to corporate bodies and
individuals exercising corporate controls, support activities by the audit
department continued throughout the year with the aim of assessing and
improving control, risk management, corporate and governance processes.
This department’s work accompanies that of the manager in charge of
preparing the Company’s accounting documents, who prepares adequate
administrative and accounting procedures and certifies their effectiveness
and correct operation, and ensures the truthfulness and correctness of the
financial information to which such procedures refer. To accomplish this
guidelines for the evaluation of the internal control system for financial
disclosure purposes and the regulations of the manager in charge of
preparing the company’s corporate documentswere prepared last year.