The Budgets and Consolidation Department, reporting to the Finance Department, is responsible for the integrity and reliability of VINCI’s financial information (parent company and consolidated financial statements), which is disseminated inside and outside the Group. To ensure the statements are produced, the department is specifically in charge of:
The Budgets and Consolidation Department establishes the timetable and year-end reporting instructions for the preparation of the Group’s consolidated financial statements and communicates them to the business lines. The Group’s accounting rules and methods are available on VINCI’s corporate intranet. At each accounts closing, business lines transmit to the Budgets and Consolidation Department an analysis of the consolidated data submitted.
The Statutory Auditors present their observations, if any, on the consolidated financial statements to the Audit Committee before they are presented to the Board of Directors.
Before signing their reports, the Statutory Auditors request representation letters from VINCI’s Executive Management and senior management of the business lines.
The Group’s Audit Department conducts an annual self-assessment survey of internal control. In 2021, 579 legal entities, representing 85% of Group revenue, participated in the survey. The recurring aspects of the survey relate to the internal control environment, financial and accounting information, the environment, human rights, compliance and IT security. This year, the specific theme was the Group’s health, safety and security culture. The survey was conducted using specialised software that also enables entities to manage their action plans. A summary of the survey’s findings, prepared by the holding company’s Audit Department, was presented to the Audit Committee in December 2021.
Each year, the business lines must provide the Group's Audit Department with an internal control report covering their scope. These reports must contain the following information: the reference framework, the internal control environment, the personnel and organisational structures involved in risk management and internal control, the activities and audits carried out during the year, and those planned for the following year.
Each year, the Group’s Audit Department selects a project in each business line that experienced specific difficulties and asks that business line to draw up a report providing feedback. This report must describe the project, explain the difficulties encountered and what went wrong. It must also suggest improvements to the internal control system. The Chief Audit Officer presents a summary of these reports to the Group’s Audit Department.
VINCI’s overall approach for arranging insurance cover against risks places a strong emphasis on risk prevention and protection. Given the Group’s decentralised organisation, this approach is defined at several levels of responsibility.
VINCI’s Executive Management, based on recommendations from the Insurance Department, lays down the general guidelines and in particular the standards applicable to all subsidiaries.
Within this framework, and after identifying and analysing the risks relating to their activities, the business line or division managers define the optimum trade-off between the level and extent of the guarantees available in the market and the cost level (premiums and uninsured losses) enabling business units to remain competitive. With a view to prevention and cost optimisation, policyholder deductibles are defined on an individual subsidiary basis. Self-insurance budgets have been set up for liability insurance, motor vehicle insurance, and property and casualty insurance in certain business lines.
In addition to subsidiaries’ own specific cover, VINCI also takes out cover on behalf of all its subsidiaries, in particular regarding the fields detailed below:
Moreover, and as a complement to the above, the Group takes out cross-business cover against certain risks (transport, automotive, etc.), which is made available to subsidiaries that would not have implemented their own programme and can thus benefit from this pooled purchase.
VINCI has its own brokerage firm, VINCI Assurances, in charge of consolidating insurance policies and harmonising cover within the Group.
VINCI Assurances acts solely as a broker for most of the French subsidiaries and bears no financial risk as an insurer.
