2017 Sustainable Development & Corporate Responsibility Report


The Group's risk management system has been designed so as to identify and manage threats and opportunities. It includes safety valves and audit mechanisms at various levels within the Group, as described in detail at https://www.helpe.gr/userfiles/8ea1f0cb-9e62-48e4-b947-a27b00fb14bb/EN_Helpe_Annual_Report_2017_Spreads.pdf (pp. 36-42, 171-173, 180-181).

Part of the Internal Audit System is the operation of the Group's Internal Audit Division, which contributes to improving conditions for Risk Identification, Assessment and Management, the Internal Audit System and Corporate Governance, with the objective of attaining the Group's strategic goals.

Important actions undertaken in 2017 are the following:

  1. The personnel of the Group's Internal Audit Division (GIAD) increased with the hiring of five additional auditors, of whom four specialize in administration and finance and one in technical issues, aiming at ensuring further audit coverage of all of the Group’s business units. Currently GIAD employs 16 auditors, the highest number since the foundation of HELLENIC PETROLEUM in 1998.

  2. A Group-wide Risk Assessment was conducted for third consecutive year, undertaken by the heads of the Group's administrative units and companies and co-ordinated by the GIAD. The aim of the assessment is, firstly, to develop a uniform approach for the identification, evaluation and management of risks faced by the Group, and secondly, to utilise the results in drafting the Group's annual and three-year audit plan.

  3. A tender process was held to appoint a suitable Independent Assessor for the external assessment of the structure and operation of the GIAD that is conducted every five years, as provided by the International Auditing Standards. The External Assessor completed the task within year 2017. Compared to the previous assessment, which was held in 2012, it was found that there was a marked improvement in the application of a large number of standards, while actions were recommended for further improving the implementation of the remaining standards.

  4. There gradual training of all personnel by the competent officers of the GIAD continued, focusing on the main principles that govern Internal Auditing, with the aim of reinforcing and advancing an audit culture within the Group and improving co-operation between the GIAD and the auditees.

  5. One auditor was certified as a CFE (Certified Fraud Examiner).

  6. In total, 49 audits were conducted (39 ordinary and 10 extraordinary audits), exceeding the audit plan for the year.


 Audit category


 Facilities for the production, marketing and trading of petroleum products


 Procurement sector


 Regulatory compliance


 Human Resources issues


 Financial - administrative - commercial issues



7. The audits were extended to new administrative units that had not been previously audited, such as the Refinery Production and Maintenance Departments, facilities and Trading airports that
    are directly linked to issues related to efficient management and the facilities’ safety as well as to senior administrative units, with the aim of providing audit coverage of all Group activities.

8. Complaints for breaches of the Group's Policies and Procedures were examined in specific audit areas and improvements were suggested when deemed necessary, with the aim of eliminating
    even the slightest doubt or possibility of deviation from the procedures applied at the Group.




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