Sodexo wins award for "Best contribution by Internal Audit"
20/12/2011
Sodexo is proud to have won the award for "Best contribution by Internal Audit" at the second internal Control Awards.
Sodexo recognized for its culture of shared risk management
The Internal Control Awards, organized through a partnership between Bearing Point and the French Auditing and Internal Control Institute1, recognizes companies that have implemented the most comprehensive risk management and internal control systems.
During the second edition of the Awards, Sodexo was singled out for its strategy of reinforcing best practices and fostering a culture of shared risk management. The judging panel highlighted Sodexo's implementation of "quarterly workshops" organized to enable the company's country teams to exchange on strategic issues of risk and internal control, such as managing major client contracts. Also, the implementation of mixed teams of ¨testers〃 (a group auditor working with a colleague from another department) was of particular interest to the judges.
The business orientation of Sodexo's approach, reflected by its use of a shared, collegial process and a local network of controllers under the leadership of the company's Chairman and Executive Committee members, has contributed to the strong local involvement in internal control.
A continuous effort to improve internal control over several years
The award recognizes Sodexo's ambitious strategy, implemented since its adoption in 2003, to strengthen the group's internal control system.
The judging panel provided particular recognition for Sodexo's strategy of involving its 391,000 employees. From the Board to the Executive Committee and senior management, and including the finance departments and all functional and operating teams, Sodexo…s teams are mobilized on a daily basis to ensure that its core business is secured through improved controls.
"All of our employees today understand the importance of internal control for our shareholders, our clients and partners. It improves the reliability of information communicated, enhances operational efficiency and reduces overall risk", said Sodexo Chairman Pierre Bellon.
Sodexo's Audit Department includes 30 auditors from 13 different nationalities based in France, the UK and the U.S. It issued 147 reports this year, approximately 1,500 audit recommendations and conducts reviews, particularly of subsidiary audits on information systems projects. The audit department spends an average of 50% of its time working closely with operational teams on-the-ground.
