There is a figure within the company who is invisible from the outside, or unknown to most, but who is one of the most present internally and supervises that all processes are carried out correctly, from a regulatory point of view , procedural and also ethical. This figure is theinternal auditor and in the Insurance Division of Intesa Sanpaolo it is primarily represented by Rita Esposito, who has been responsible for the Audit function since 2015, i.e. evaluating the process control and risk management process, with a very broad scope of intervention. Esposito leads a team of 15 Auditors (in a division of approximately 1.200 employees) and was one of the first women to fill a role that is still predominantly male today. Beyond the issue of gender, which also has a role of great responsibility for the proper functioning of a company, then there was the Covid pandemic that made a function even more central in a phase in which the work organization.
Dr. Esposito, how can the Audit function be summarized and what added value does it bring to the company?
“The role mainly has two souls: to provide guarantees to stakeholders on the achievement of objectives, primarily by overseeing the effectiveness of the risk management control system, with a very broad reference perimeter, and to provide consultancy for continuous improvement. These range from checking compliance with external regulations, but also with internal regulations and with the company's code of ethics, ranging from IT risks related to cybersecurity to operational risks deriving, for example, from an application that does not work because the algorithm is incorrectly set or, again, to an operational error committed by a person in carrying out an action within his competence. There is also the reputational risk, for example in the case of offices that relate to customers and which must respect the service levels that the company has given itself. To fulfill these functions, the Auditor is an absolutely independent figure and reports directly to the board. The added value is not only that of identifying problems, but above all providing support in solving them".
What are the biggest difficulties that emerged during the pandemic?
“The response from the Insurance Division was very timely, we managed to switch to remote working also because the company context was already mature and ready, having experienced smart working well before Covid. However, there were some problems to be solved and the first of all was managing the perfect continuity of the activity. Then there was continuous remote monitoring to intercept any anomalies or new risks, and it was a new situation because the role of the Auditor cannot do without a minimum of physical relationship. At that stage, one of the potentially highest risks was that associated with cybersecurity and possible attacks on information systems. As regards the psychological difficulties of employees, the Group has been able to prevent them thanks to numerous and timely support initiatives".
Are you planning a gradual return to face-to-face offices or will remote working become the norm?
“In compliance with the rules and depending on the zones and the color of the Regions, with the month of June it was decided to return to the office one day a week, obviously in turn to respect the permitted percentage of office filling. With the utmost attention to safety measures, we gradually aim for a return even in the presence, to recreate physical relationships. Also because, as I said, contact is essential for my work”.
However, his work is still done today almost exclusively by men. Are things changing? Will there come a time when these gender barriers will be overcome?
“Things have changed a lot in recent years, especially in the reality where I work. When in 2011 I assumed for the first time a role of responsibility in Intesa Sanpaolo's Audit, at the beginning we were two female managers in a structure that has an average of 30/40 managers. Today, from this point of view, the Insurance Division, in particular, also stands out within the Intesa Sanpaolo Group itself, and for example we occupy three out of four positions at the head of the control functions. In our Division, 54% of employees are women, 43% of managers are women at all hierarchical levels, 35% of executives are women, and 33% of those in front-line positions are women. Outside our Group the role, especially in managerial positions, continues to be predominantly male, but I believe that things can change, also because the Auditor is a function that requires technical but also relational skills, and we know that women they are particularly inclined from that point of view”.
In your opinion, is the Auditor a suitable role for young people or only for senior figures?
“For the youngest it can certainly be a great opportunity for growth, but this also applies to a senior, who can always keep up to date and enrich his experience. The Auditor plays a central role in a company, has an overview of all processes and a privileged view of corporate governance and risks. The Auditor must always be aligned with the company and I would define his job as challenging, because in addition to regulatory and procedural control, he is increasingly called upon to supervise the company's transparency and ethical values. Which are fundamental elements of its reputation and its success”.
