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Investors - Ensuring sustainable growth
Investors - Ensuring sustainable growth

Investors

Ensuring sustainable growth

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Internal control

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Sanofi senior management has a clear ongoing commitment to maintaining and enhancing its systems of internal control and risk management.

 

In furtherance of this objective, in 2014 senior management launched the Group Processes and Standards (GPS) program, which combines the existing elements of internal control into a unified Group-wide approach. GPS has been approved by the Executive Committee and presented to the Audit Committee.

GPS comprises:

  • a harmonized framework of Group operational and support processes, broken down into sub-processes;
  • an internal control manual, published at the end of 2014, which includes mandatory controls applicable to all activities and to all fully consolidated entities, along with the Group policies underpinning those controls;
  • a financial controls framework designed to assess the effectiveness of the system of internal control relating to the production of financial information, as required for compliance with Section 404 of the Sarbanes-Oxley Act (SOA 404);
  • an annual self-assessment process covering the mandatory controls in the internal control manual, to be performed by all activities and in all countries from 2015 onward.

The system of internal control covers all fully consolidated companies and activities, and is systematically deployed in all new entities when they are acquired.

The internal control system is based on the five components contained in the “Internal Control – Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

The internal control system is developed and implemented by the Group’s Board of Directors, management and staff, in order to provide reasonable assurance regarding the achievement of objectives relating to:

  • the effectiveness and efficiency of operations;
  • reliability of reporting, especially of accounting and financial information;
  • adherence to the applicable laws and regulations.

Further information about the internal control system at Sanofi:

 

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