ITALY Law and Practice Contributed by: Francesco Di Carlo and Flavio Acerbi, FIVERS Studio Legale e Tributario
(among others) define the overall system of inter - nal controls and risk management and supervise its adequacy, assign responsibilities to a control and risk committee, and appoint a Head of Inter - nal Audit, who reports functionally to the board. Specific obligations in connection with the man - agement of risk and internal controls apply to companies subject to special sector laws (eg, banks, financial institutions).
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