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Management report
The management board of Raiffeisen-Landesbank Tirol AG ap-
plies an effective system of internal audits which ensures that
the accounting accurately reflects business circumstances. The
internal system for auditing the accounting process is designed
to ensure an acceptable degree of certainty and accuracy in the
published annual financial statements, in conformity with the
statutory provisions of the BWG and the Austrian Commercial
Code (Unternehmensgesetzbuch – UGB). For this purpose, the
supervisory board and management board can call on the ex-
pertise and professional skills of the finance department. The
supervisory board of Raiffeisen-Landesbank Tirol AG is respon-
sible for monitoring the effectiveness of the internal audit sys-
tems, while the management board ensures the existence of an
appropriate internal audit system of proven effectiveness for the
account-rendering process. Responsibilities for the individual
components and processes in the accounting system are clear-
ly specified and assigned to individual departments. The inter-
Safeguarding deposits
Solidarity Association of the Tyrol Raiffeisen
financial organisation
Together with Raiffeisen-Landesbank Tirol AG, the Raiffeisen banks
of Raiffeisen Banking Group Tyrol have set up a solidarity associa-
tion that takes suitable action to ensure that association members
who get into economic difficulties receive the help they need.
Raiffeisen Deposit Guarantee
Association Austria
This association of Raiffeisen banks, Raiffeisen regional banks,
Raiffeisen Zentralbank Österreich AG and Raiffeisen Bank Interna-
tional AG reciprocally guarantees all customer deposits and also
the securities issued by members, irrespective of the amounts in-
volved. The deposit guarantee association has a two-tier structure,
with the first tier being at regional state level and the second at fed-
eral level. The deposit guarantee association thus offers customers
guarantees which go well beyond those required by law.
Deposit protection institutions of
Raiffeisen Banking Group Austria
Via Raiffeisen-Einlagensicherung Tirol eGen, the member banks of
the Raiffeisen Banking Group Tyrol are joint members of the Öster-
reichischen Raiffeisen-Einlagensicherung eGen. Pursuant to Sec-
tions 93, 93a and 93b BWG, this deposit protection cooperative
represents the joint liability entity for the entire Raiffeisen Banking
Group.
For deposit protection purposes, the Raiffeisen Banking Group
Austria has put in place an early warning system. Based on a com-
prehensive revenues and risk-reporting system operated by all
member banks, this system performs continuous analysis and ob-
servations.
Research and development report
Given the nature of the sector’s activities, there are no relevant research and development activities to report.
Report on the key features of the internal audit
and risk management system in relation to the
accounting process
nal system for auditing the account-rendering process is imple-
mented and documented in standing instructions.
The internal audit system is an integral component of the techni-
cal and organisational processes, with specified standards such
as the ‘four-eyes principle’, the verifying of data quality and
plausibility checks, as well as linking risk and compliance and
ensuring that adequate controls are implemented and correct-
ly executed in relation to specific risks. For instance, the sepa-
ration of sensitive activities is backed up by restrictions on the
granting of IT access authorisation. The regular exchanging of
information relevant to the auditing process within the individu-
al organisational units forms one cornerstone of the internal au-
dit system. Internal auditing regularly and independently audits
compliance with in-house regulations, including in the account-
ing department. The head of internal auditing reports directly to
the management board.