Sodexo honored by French Internal Audit Institute

The fourth Risk Management prize-giving ceremony hosted by Crowe Horwath Global Risk Consulting and Ifaci (French Internal Audit Institute) was held yesterday evening, when Sodexo was awarded the “Best Internal Audit Contribution” prize for its internal audit and risk management procedures.

Having previously won the 2012 “Best Internal Audit Contribution” prize, Sodexo has once again confirmed its risk management skills.

Sodexo was awarded this prize for its program to engage internal audit in its Better Tomorrow Plan for sustainable development. By choosing to involve internal audit in rolling out strategic projects, Sodexo ensures its plans are properly carried out while acquiring a competitive advantage and standing out when bidding for new business.

Internal audit is involved at a very senior level given that the department also sits on the Business Integrity Committee, Sodexo’s corporate governance body ensuring compliance with Group ethics. As such, internal audit is tasked with providing independent assurance on important aspects including compliance with fundamental social rights and malnutrition, sometimes in response to express client requests. Internal audit also audits non-financial performance indicators prior to publication.

• Accordingly:
  • Audits are fully aligned with Sodexo’s mission statement and…
  • Give the Company comfort regarding compliance with specific clauses in its client contracts

Furthermore, internal audit is closely involved in introducing a unique Group risk assessment process that includes a language, procedure and shared system.

• Advantages of the risk assessment process:
  • A decision-making tool for operational management, the Executive Committee and the Audit Committee;
  • An effective and efficient approach thanks to the language, procedure and shared system;
  • Feature to monitor action plans in relation to the Group’s critical risk management programs;
  • Prioritization of Group risks resulting in efficient allocation of resources to reduce risks to reasonable levels.