value creation and sustainability€¦ ·...
TRANSCRIPT
Value creation and sustainability
11%
27%
20%
2% 13%
27%
17%
22%
10%
2% 14%
35%
25%
23%
14%
3% 6%
29% 31%
29%
12%
2% 5%
2014 2030
Nuclear
Hydroelectirc
Other Renewables
Gas
Coal
Oil
13,684 16,185
Mtep +2,501
2014 2030
-151 1,593 1,442
21%
ENERGY MIX IN THE WORLD ENERGY MIX IN EUROPE
THEFUTUREOFNATURALGASINTHEENERGYSYSTEM
Globalenergydemandisprojectedtoincreaseoverthenextfifteenyears,especiallyduetothe
impetusofemerging(non-OECD)countries.TheseshalloffsetthecontractionofdemandinOECD
countries,whoseconsumptionshouldalsodeclineduetotheeffectofenergyefficiencypolicies.To
daterequirementsarestillmainlycoveredbycoalandoil.
Bycontrast,attheEuropeanlevelasignificantpresenceofgasandnuclearenergyintheenergymix
hasbeenrecorded,withrespectivesharesof22%and14%,withalowerweightforcoal(17%)in
comparisonwiththeworldwideshare,andwithamarkedregionaldifferentiationwithintheEuropean
market.
InItalygasplaysamoresignificantroleincomparisonwithotherEuropeancountries,andcoversone
thirdofenergyrequirements.Atthebeginningofthedecadeourcountryexperiencedstronggrowthin
renewablesourcesduetosignificantfinancialsupportforgrowthinthesector,whichrepresents18%
oftheenergymix.
Lookingprospectively,theweightoffossilsourcesworldwideisprojectedtograduallydecline(81%in
2014,comparedwithaprojected76%for2030),whilegasshallplayanincreasinglymoresignificant
role,withanincreaserepresentingapproximatelytheequivalentof790megatonnesofoilin2030.A
significantincreaseinrenewablesisalsoforecast.
ThistrendisevenmoremarkedattheEuropeanlevel,whereitispossibletoobserveadecisive
contractioninthedemandforoilandcoalandasubstantialincreaseindemandforgas(approximately
50Mtep)andrenewables,inconsiderationofchangesintheindustrialfootprintand,aboveall,energy
efficiencypoliciesandareductionincarbondioxideemissions.
CHANGES IN THE ENERGY MIX: THE END OF THE ERA OF OIL AND THE INCREASING USE OF GAS
Source:WorldEnergyOutlook2016
Valuecreationandsustainability
33
The modernity and sustainability of the gas system
Naturalgasisthe“greenest”sourceoffossilenergyandtheonlyfuelthat,incombinationwith
non-programmablesourcessuchaswindandsolarpower,canensureanefficientandeffectivepath
towardsdecarbonisationonnationalandEuropeanlevels.Gasinitsvariousformsguaranteeslower
carbondioxideemissions,by25%to40%comparedwithotherfossilfuels,aswellasloweremissions
ofnitrogenoxidesandfineparticulates,withacrucialanddeterminingimpactonmeasurestofightair
pollutionincities,andwouldcontributetoareductionintheroleofoilandoilderivatives.
Gasisalsoaccessible,giventhepresenceofconsiderablereservesinareasclosetoEuropeandthe
growthoftheworldwideliquefiednaturalgasmarket,whichhasincreasedavailabilityatreduced
prices.
Thegassystemcanrelyuponexistingtransportation,distributionandstorageinfrastructureandis
capableofensuringflexibility,programmability,andcosteffectivenessfortheenergysystem.Thisis
alsoduetoagaselectricalgenerationcapacitywhichinItalyisalreadywidelyavailableandextremely
efficient.
SNAM’S STRATEGY
Snam’sbusinessstrategyisinstrumentaltomakingavailabletheenergythatthemarketrequires,safely
andatafaircost,andenhancingandreinforcingthecentralityofthegassystemontheEuropeanand
Italianenergyscene.
ToachievetheseobjectivesSnam,aleaderinthemanagementofgasinfrastructure,shallinvest
approximately€5.0billionoverthenextfiveyearsofwhich4.7toexpandthenationalnetwork
andintegrateitwithcontinentalmarkets,forthemaintenanceofinfrastructure,aswellasfornew
integratedservicesforsystemoperators,soldonthebasisofmarketregulations.
Inconjunctionwithinstitutionalstakeholdersandinterestedoperators,itshallalsocontributetothe
evolutionofthe“gasproduct”throughtheexpansionofliquefiednaturalgas(LNG)andcompressed
naturalgas(CNG)infrastructureforthemaritimeandhighwaytransportsectors,andtheconversionof
biogasintobiomethanetobeintroducedintothetransportationnetwork.
Italy, a European gas hub
ThepurposeofSnam’sinvestmentsintheItaliannetworkistocompletereverseflowprojectsthat
makepossibleabidirectionalflowofgasatnationalborders.OurinvestmentsinEuropeaimtoensure
agreaterinterconnectionbetweeninfrastructuresandmorediversifiedprocurementsources,in
accordancewithEuropeanguidelines.
Italy,anexampleoftheintegrationoftransportation,regasificationandstorageactivitiesis
strategicallypartoftheEuropeancorridorsnetworkandnewsupplyroutes,particularlyintheCaspian
Seaarea.Investmentsin“reverseflow”shallbringgasfromNorthAfricatoEuropethroughItaly,
therebyexploitingandutilisingSnam’sinfrastructureandthenationalnetwork.
SnamAnnualReport2016
34
ThankstotheinterconnectionofSnam’snetwork,Italyispresentlythecountryin
Europethatcanrelyonthegreatestnumberofsupplysources.Besidesdomestic
production,theItaliansystemcanreceivegasthroughfourmethaneimport
pipelines(Algeria,Libya,RussiaandNorway)and3regasificationterminals.
ItisalsoplannedinthefuturetoaddtheimportationofgasfromtheCaspianSea
byconstructingtheTAPmethanepipeline.
Thedevelopmentofbidirectionalcapacityinthenorthofourcountryalong
theNorth-Southcorridor(reverseflow)mayalsomakeItaliansupplysources
accessibletootherEuropeancountries.
TheindicatorN-1isanindicatorofsystemflexibility:anytimethatthelargest
sourceofsupplyisabsent,itindicateshowthecountryisabletoreplaceit
utilisingotheravailablesources.IntheinstanceofItaly,ifanyofthesupply
sourcesshouldbeabsent,theremainingsourcesofsupplyarecapableof
satisfyingmorethan120%ofthearea’stotalgasdemand,calculatedduringa
dayofparticularlyhighgasdemand.
In2016Snamtookactiontopromotethereplenishmentofnationalstorage
facilitiesforthepurposeofbeingabletomanageseasonalpeaksindemand.
Thereplenishmentlevelattheendoftheinjectioncampaignwas99%as
opposedtoaEuropeanaverageof91%9.
The Impacts of Snam’s activities and investments in the gas system
SECURITY OF SUPPLIES
Diversification
of sources
Storage capacity
utilisation
SUPPLY DIVERSIFICATION SECURITY OF SUPPLY
1
0%
90%
100%
120%
>120%
2
3
4
5
9 AGSI+(AggregatedGasStorageInventory-https://agsi.gie.eu)dataregardingthereplenishmentlevelasat31October2016.
Numberofsourceswithsignificantpriceimpact(2017situation)
IndicatorN-1(2020situation)
(Source:ENTSOGTYNDP2017)
Valuecreationandsustainability
35
Withthenew“NetworkBalancingCode”regime,whichhasbeenineffectsince
October2016,thebalancingserviceisconductedinaccordancewithcommon
andharmonisedEuropeanrules,whichareaimedatpromotingtradingand
marketliquidity.Inanewsystem,usersaretheprimarypartiesresponsiblefor
systemequilibriumandtheycanbalancetheirowntradingpositions(injections
andwithdrawalsfromthesystem)throughanhourlyreprogrammingoftheirown
requirementsand/orbyexecutinggastransactionsonboththeorganisedand
over-the-countermarkets.
Tofacilitateuseractivities,Snamhasalsoprovidednewfunctionalitiesthat
makeitpossibletopurchasewithin-daycapacityproductsatinterconnections
withforeigncountries,aswellasshort-term(dailyandwithin-day)storage
products.ThefunctionalitiesandfeaturesoftheVirtualTradingPointhavebeen
expandedtoallowthecontinuousrecordingoftransactions,andtherehasbeen
anexpandedpublicationofinformationduringthegasdayregardingthestatus
ofthesystem,forecastsofwithdrawalsfromthemarketandthebalancingof
eachindividualuser,withtheobjectiveofencouragingandpromotingbalancing
activities.
Underthenewregime,Snamperforms‘residual’balancingforthesystem,which
istosayitintervenesbymakinggastradesonthemarketinordertorebalance
thesysteminconnectionwiththeimbalancesthatusershavenotbeenableto
correct.
In2016Snamintroducedanewservicethatmadeitpossibletoobtainunder
asinglecontracttheinjectionintostorageofquantitiesofLNGregasifiedand
injectedintothesystemfromterminalsbynolaterthantheendofthemonth
followingtheunloadingfrommethanetankers.Dedicatedtothisserviceisthe
remainingregasificationcapacityavailableatLNGterminals,combinedwith
atotalstoragecapacityatStogitof1billioncubicmetresforthe2016-2017
thermalyear.
New balancing
services
Integrated
regasification
and storage
services
MARKET FACILITATION
SnamAnnualReport2016
36
PRISMA IT
platform
Impact of
infrastructure
services on gas
costs
CREATION OF A EUROPEAN MARKET
COST OF ENERGY
OnthebasisofdatapublishedquarterlybytheAuthority,theimpactofgas
systeminfrastructureservices(“Costoftransportationandmetermanagement”)
in2016wasapproximately19%ofthetotalcostforatypicalhousehold
customer(familywithindividualheatingsystemandannualconsumptionof
1,400standardcubicmetres),whichtranslatestoacostof€0.13perstandard
cubicmetre(approximately€187perannum).
SnamisoneofthefoundingpartnersofPRISMA,theinternationalproject
thatcurrentlyinvolvesparticipationfrom39Europeanoperatorswithgas
transportationandstorageactivitiesin16countries.PRISMAhassettheobjective
ofpromotingtheharmonisationofrulesforaccessingandprovidingservicesin
implementationofEuropeanCodesandfacilitatingthecreationofasinglenatural
gasmarketinEurope,byofferingservicesthroughasingleshareddigitalplatform.
Theplatformhasmorethan550registeredshippers,plus2,500activeusers,more
than2.5millionsuccessfullycompletedauctionsandmorethan1,500network
connectionpoints.
SnamactivelyparticipatesinCompanyactivitieswiththeobjectiveofpromoting
growth,developmentandutilisationbyanincreasinglygreaternumberof
operators,tothebenefitoftheEuropeangassystem.
Valuecreationandsustainability
37
EVOLUTION OF THE SUSTAINABLE BUSINESS DEVELOPMENT MODEL
Snamoperateswithabusinessdevelopmentmodelthatpursuesprofitableandstablecompanygrowth,
thecreationofvalueforallstakeholdersandattractiveandsustainablereturnsforourshareholders.
Forvaluecreationpurposes,themodelindicatestheimportanceofinterpretingchangesintheenergy
environment,andmoregenerallytherelevantframework,andtheimportanceofknowinghowto
implementinthefieldcoherentandconsistentbusinessdevelopmentstrategiesandplans,through
anexaminationinconjunctionwiththeinstitutions,gassystemoperatorsandallotherstakeholders
involvedincorporateoperations.Thelatterhaveafundamentalandessentialroleinprovidingvarious
formsofcapital,notonlyfinancialcapital,butalsoandespeciallyhumanandrelationshipcapital,
whichtheenterpriseneedsinordertobeabletooperate.
Besidestherevisionofstrategicguidelines,whicharespecifiedinthe2017-2021plan,Snamhas
updatedotherimportantcomponentsofitsmodel,inamannerconsistentwiththeexitofthe
distributionbusinessfromthecorporatescopeofconsolidation:Snamisnowfocusedonthegas
transportation,storageandregasificationsegments,ithasspecificallyacquiredaneworganisational
modelforconductingbusinessoperationsandisworkingonupdatingriskmappingandassessmentina
mannerconsistentwiththeprovisionsoftheERMmodel.
Principles and Values
Business Strategies
Direction and Coordination
Internal Control System
Energy and Market Framework
Hum
an
Capita
l
Intellectual Capital
Manufacturing C
apital
Natural Capital
Finan
cial Capital
Relationship Capital
BUSINESS PROCESSES
Stakeholders
OU
TCO
MES
Developing a new organizational model
Updating the materiality organizational model
and ERM model
New partnershipsfor the development of gas use
Focus on the corebusinesses: transportation, storage and regasification
SnamAnnualReport2016
38
The separation of Italgas
Thisrepresentsastrategictransactionwhich,firstofall,shallenableSnamtofocusitsinvestmentson
takingadvantageofnewgrowthopportunitiesand,secondly,shallenabletheenhancementofItalgas
resourcesandknow-how,withtheobjectiveofstrengtheningitsleadershipintheItalianmarketand
significantlyincreasingitsmarketshare,inviewoftheinitiationoftenderprocessestoawardcontracts
fordistributionservices.
SnammaintainsitsownpresenceintheownershipstructureofItalgas,withastakeof13.5%anda
presenceontheBoardofDirectors.Thisrepresents,firstofall,asymbolofcontinuityforItalgasand,
secondly,astrategiccapital.
Inregardtodebt,theseparationofItalgasresultedinareductioninSnam’snetfinancialdebtof
approximately€3.6billionandacash-infortheCompanyofapproximately€3.2billion,netof
approximately€0.4billioninEIBloansforItalgasprojectsthatwereundertakenbythelatter.
Followingthattransaction,Snamrecalibratedandredesignedthestructureofitsliabilities.Inthat
context,theCompanysuccessfullycompletedaLiabilityManagementtransaction,thelargesttodate
inEurope,bybuyingbackbondsonthemarketwithatotalnominalvalueof€2.75billion.
Toward a “One Company” organisational model
Withtheexitofdistributionfromthecorporatescopeofconsolidation,businessoperationshavebeen
reorganisedinordertoimprovecontrolmechanismsforstrategicplanpoliciesandenablemoreefficient
andeffectiveoperationalmanagement,includingthroughasimplificationofdecision-makingprocesses.
Snam’sneworganisationalmodelprovidesforthreebusinessunitsreportingdirectlytotheChief
ExecutiveOfficerandalsoinstitutesatacentrallevelasinglemechanismforcorporateservices,
includingstrategicsupplychainmanagement.
Italian Assets BU Foreign Assets BU Commercial, Regulation and Development BU
Thisshallhavetheobjectiveofcoordinatingstrategiesandprocessesthatcutacrossnaturalgastransportation,storageandregasificationbusinessactivities,facilitatingintegratedexploitationanddevelopmentoftechnicalknow-how.
Thisshallprovideoversightofthemanagementofassetsandsubsidiariesabroad,withtheobjectiveofpromotingtheincreasinginterconnectionofEuropeaninfrastructuresandfurthercontributingtothecreationofasingleenergymarket.
Thisshallmanagetheevaluationofnewbusinessesandservices,opportunitiesconnectedtoemergingnaturalgasusesandbusinessdevelopmentoperations.
Partnerships for the development of uses for gas
Methane automotive uses
Snamshallcontributetoanincreaseintheuseofmethaneforautomotivefuelbyprovidingits
consolidatedexperienceinthesectortopromotetheexpansionofsupplyfacilitiesandamore
balanceddistributionthereofacrossItaly.
Snam’scommitmentispartoftheframeworkofcollaborationwithFCAandIVECO,whichintend
tofurtherexpandtheirrespectiveproductlinesofnaturalgasvehicles,aswellaswiththeAPIgroup,
whichintendstoconstructnewfacilitieswithinitspoint-of-salenetwork.
Theprojectshallmakeitpossibletodoubletheroadandhighwaydistributionnetwork,currently
consistingof1,100servicestations,toreachuptomorethan2,000in10years;toimprovethequality
Valuecreationandsustainability
39
Material issuesn Financial/governance– Creationofsustainablevalue– Corporategovernancemanagement– RiskandCrisisManagement– Managementtransparency– Anti-Corruption– Relationswithregulatoryauthorities– Technologyinnovation
n Social– Healthandsafety– Developingandpromotinghumancapital– Employmentandsafeguardingjobs– Qualityanddevelopmentofservices– Supplychainmanagement
n Environmental– Protectingthelocalareaandbiodiversity– Climatechange– Protectionoftheair
COMMUNITIES AND LOCAL AREAS
INVESTORS AND LENDERS
PEOPLE
CUSTOMERSSUPPLIERS
MEDIA
OTHEROPERATORS
AUTHORITIES AND INSTITUTIONS
oftheserviceprovidedtousers;andtoensureamorebalanceddistributionofstationsinthevarious
regionsofthecountry,inaccordancewithproceduresanddevelopmentprioritiesthataresynergistic
withtheexpansionofthefleetoflightandheavyvehiclescurrentlyinoperation.Theinitiativeshall
alsoprovideadditionalimpetustothenaturalgasbusinesssegmentinthetransportsector,which
representstechnologicalandenvironmentalexcellencethatisrecognisedworldwideandcanfurther
leverageEurope’smoreextensiveandaccessiblenetworkofmethanepipelines,whicharemorethan
32,000kilometresinlength.
Biomethane transportation
Snam,theItalianBiogasConsortiumandConfagricolturapreparedandpubliclypresentedacommon
manifestoinsupportoftheItalianbiomethanebusiness,asrenewableenergy(heat,electricity,biofuels
andbioplastics)thatcanbegeneratedfromagriculturalandagribusinessbiomasses.Thedocument,
addressedtotheGovernmentandtheEuropeanCommission,waspublishedontheoccasionofBiogas
Italyanddemonstratesthestrategicroleofbiomethaneintheenergytransitiontowardsaneconomy
basedonsustainabilityandcircularityintheuseofresources.
Themanifestospecificallyindicatestheneedtopacetheimplementationofincentives,byestablishing
anannualbiomethanetargettobeintroducedintothenetworkby2030;theupdatingofnationallaws
andregulationsonadvancedbiofuels;andtheintroductionofasystemthatenhancesanddevelopsthe
roleofthebiomethanebusinesssegmentintheoverallCO2emissionreductionstrategy.
Materiality (GRI: G4-24,27)
MaterialityisakeyfactorinenhancingandstrengtheningSnam’ssustainabilitystrategy.Itdefinesthe
areasofengagementwithstakeholders,whichunderlinethedynamicsofvaluecreation,bothinterms
ofriskmitigationandopportunitiestobeseized.
Materialissuesguidethedeterminationofsustainabilityobjectivesthatshallbepursuedthrough
specificprojectsandinitiativeswithvarioustimehorizonsand,throughtheBusinessModel,arestated
andrepresentedwithintheReport.TheseparationofItalgashasnotcausedsignificantchangesinthe
assessmentofmaterialissues.
SnamAnnualReport2016
40
Board of Directors Board of Statutory Auditors
CEO
CONTROL LEVEL 1
(risk owners)
Snam and subsidiaries responsible for identifying, measuring and managing risks and implementing relevant controls as part of the processes within their remit
ENTERPRISERISK MANAGEMENT
Compliance
Internal Audit
Group processes
Staff processes
Corporate ReportingInternal Control
SystemPrivacy Market Abuse
Data systems Antitrust Unbundling
Corporate administrative responsibility
Anti-corruption ………
Business processes
CONTROL LEVEL 3
(indipendent checks)
CONTROL LEVEL 2
(risk monitoring and control adequacy)
Supervisory bodyControl and Risk Commitee
RISK OVERSIGHT AND THE CONTROL SYSTEM
Althoughithasalimitedeconomicandfinancialriskprofilebecausemostofitsoperationsareinregulated
businesssegments,Snamadoptsastructuredandsystemicapproachtogoverningallrisksthatcouldaffect
valuecreation.Withthespin-offofItalgas,Snam’sriskprofilechangedasaresultofthereductionofthose
risksconnectedwiththespecificnatureofthedistributionbusiness,whichisnolongerconsolidatedwithin
thecorporatescope,andparticularlyinregardtouncertaintiesconnectedtosectortenderprocessesandend-
of-concessionredemptionvalues.ThesystemweuseacrosstheGrouptoidentify,assess,manageandcontrol
riskhasthreelevels,eachwithdifferentobjectivesandassociatedresponsibilities.TheBoardofDirectors
chargestheCEOwithgivingstructuretoandmaintainingtheentiresystem.
(Moreinformationonhowwemanageandmitigatemajorriskscanbefoundonpage149ofthisReport).
Weuseanintegrated,dynamicandgroup-widemethodofassessingriskthatevaluatestheexisting
managementsystemsintheindividualcorporateprocesses,startingwiththoserelatingtotheprevention of
fraud and corruptionandhealth, safety, environment and quality.Thesesamecontrolsformanintegral
partofthemanagerialprocesses.Managementmustthereforefosteranenvironmentthatencouragescontrols,
andmustspecificallymanage“linecontrols”,consistingofallthecontrolactivitiesthatindividualoperating
unitsorcompaniesperformovertheirownprocesses.IndependentcontrolsareperformedbytheInternalAudit
department,whichisresponsibleforcheckingthatthesystemisfunctioningandadequate.
.Valuecreationandsustainability
41
SPECIALIST IMPACTS
Industrial/BusinessImpact
EconomicImpactStrategic
Immpact
Impacton AssetsFinancial
Impact
MarketImpactImpact
on HumanCapital
ReputationalImpactHSE
Impact LegalImpact
OPERATIONAL IMPACTS
Maintenanceand evolutionof the model
Monitoringand reporting
Enterprisemeasurementand prioritisation
Identificationand measurement
Definitionof managementstrategy
RISK
1. IDENTIFICATION AND MEASUREMENT: ofriskeventsrelatingtocorporateprocessesandexternalriskfactorsthatcouldinfluencetheachievementofcorporategoals,eitherthroughdirectimpactsonresultsandcorporatefinances(lowerrevenueorhighercosts)orthroughintangiblenegativeeffectsonothertypesofcapital,especiallythe“licencetooperate”.
4. MONITORING AND REPORTING: theriskmappingisperiodicallyupdatedaccordingtotheenterprisemeasurement,andatleastonceayear,includingforlow-priorityrisks.Periodicreportingguarantees,atthevariouscorporatelevels,theavailabilityandrepresentationofinformationrelatingtothemanagementandmonitoringoftherelevantrisks.
2. ENTERPRISE AND PRIORITISATION ASSESSMENT: eacheventisassignedan‘enterprisemeasurement’,whichsummarises,foreachrisk,thedifferentmeasurementscarriedoutbytheriskownerandbycentralisedunitswithspecialistexpertise.Theprioritisationofrisksisdefinedbycombiningthemeasurementsofimpactandprobability.
3. DEFINITION OF THE MANAGEMENT STRATEGY: forallrisks,managementmeasuresareidentified,togetherwithanyspecificinterventionsandtherelevantimplementationtimeframes,associatedwithatypeofriskmanagementfromamongthosethathavebeencodified.ThemanagementplansforthemainrisksarepresentedtotheControlandRiskCommittee.
Enterprise Risk Management process (ERM)
TheSnamgroup,inlinewiththeindicationsoftheCodeofCorporateGovernanceandinternational
bestpractices,hasinstituted,underthedirectsupervisionoftheGeneralCounsel,theEnterpriseRisk
Management(ERM)unit,whichoperateswithinthewiderInternalControlandRiskManagement
System,inordertomanagetheintegratedmanagementprocessofcorporaterisksforallGroup
companies.
ThemainobjectivesofERMaretodefineariskassessmentmodelthatallowsriskstobeidentified,
usingstandardised,group-widepolicies,andthenprioritised,toprovideconsolidatedmeasuresto
mitigatetheserisksandtodrawupareportingsystem.
SnamAnnualReport2016
42
SPECIALIST IMPACTS
Industrial/BusinessImpact
EconomicImpactStrategic
Immpact
Impacton AssetsFinancial
Impact
MarketImpactImpact
on HumanCapital
ReputationalImpactHSE
Impact LegalImpact
OPERATIONAL IMPACTS
Maintenanceand evolutionof the model
Monitoringand reporting
Enterprisemeasurementand prioritisation
Identificationand measurement
Definitionof managementstrategy
RISK
Cross-organisational nature
OneofthebestfeaturesofSnam’sERMmodelisthewide-
rangingnatureofitsimpactmeasurement.
Anyriskeventmayhave10differenttypesofimpact,some
determinedbytheriskowners(operationalimpacts)and
othersbyspecialistdepartments(e.g.legalandfinancial
impacts).Thismeansriskmeasurementfromdifferent
perspectivesandteamriskprioritisation.
Themostcommonoperationalimpactisindustrialimpact,
consistentwiththefactthatriskidentificationbeginswith
processanalysis.Themostprevalentspecialistimpacts
includereputationalandlegalimpacts,confirmingthe
existenceofanincreasinglyglobalisedexternalcontext
subjecttoevermorecomplexregulations.
Usingthemodeldescribedabove,theriskassessmentcycles
wereperformedontheentireSnamGroupin2016.Asat
theendof2016,310enterpriseriskshadbeenmappedand
brokendownbetweenallcorporateprocesses.
Inadditiontotheordinaryactivitiesofcheckingand
monitoringtherisksmapped,othermeasureswerecarried
outwithaviewtocontinuallyimprovingthemodeladopted
andsupportingtheriskmanagers.Specifically:
n analysisofseveralofthemappedrisksinorderto
identifyrecommendationsforimprovementinthe
operationalmanagementmechanismsofthesame,with
thepurposeofenhancingstrategiesandactionsforthe
management,systematiccollectionandconsolidation
oftheKeyRiskIndicatorsassociatedwithmappedrisks;
n finaldevelopmentanddistributionoftheERMRisk
Dashboardandthepertinentdematerialisationofthe
reportingprocess.
InDecember2016,“ProjectSimplify”waslaunchedwhich
aims,interalia,todefineandimplementanintegratedrisk
assurancemodelthatintegratesdifferentcontrolmodels
withintheGroup,usingasynergisticapproachaimedatthe
maximumrationalisationandoverallefficiency,inaddition
todesigningandimplementingSnam’snewregulatory
systemwithaviewtosimplificationandgreaterusability.
Theinternalcontrolandriskmanagementsystemin
relationtotheSnamGroupfinancialreportingprocessare
componentsofthesame“System”(CorporateReporting
InternalControlSystem),morespecificallycoveredinthe
chapter“Elementsofriskmanagementanduncertainty”,to
whichreferenceismade.
Valuecreationandsustainability
43