Audit Committee Annual Reports for the year 2021

Audit Committee Annual Reports for the year 2021 Audit Committee Annual Reports for the year 2021 Audit Committee of the European Investment Bank Annual Report to the Board of Governors for the 2021 Financial Year Annual Report to the Board of Governors on the Investment Facility for the 2021 Financial Year Response of the Management Committee to the Annual Reports of the Audit Committee for the 2. [...] The operationalization of the Group Chief Risk Officer (GCRO) function within the EIB Group with the numerous changes made to the group policies and procedures is expected to strengthen further the risk management and compliance processes within the Group and to especially enhance the governance, oversight by senior management and the functioning of the risk management function within EIF. [...] Adoption of this document by the Board of Governors was obtained in March 2021; − The Implementing Rules as its second tier: outline the organization and role of the EIB REP function, define the scope, the planning and the execution of the EIB REP assessment, clarify the outcome and reporting of the EIB REP assessment, and set a process for following up the AC recommendations adopted as a result. [...] The operationalization of the GCRO function within the EIB Group with the numerous changes made to the group policies and procedures is expected to strengthen further the risk management and compliance processes within the Group and to especially enhance the governance, oversight by senior management and the functioning of the risk management function within EIF. [...] AC also met: • on three occasions, with the Audit Board of the EIF to discuss common issues in relation to the consolidated Financial Statements of the EIB Group or group policies for example in the field of risk management, capital allocation within the Group, IT, and the outcome of Group internal audits, and • on one occasion, with the Management Committee, the BoD of the EIB to discuss the AC A.