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The creation of sustainable value for stakeholders cannot ignore risk-taking, a fundamental component of ‘doing business’. For this reason, Trenord ensures that the company is run in line with its mission and objectives (strategic, operational and compliance), promoting an adequate risk management process as part of its business operations.



In the knowledge that risk management is one of the elements at the core of any decision-making and business process, and inspired by national and international best practices in the field of its ‘Internal Control and Risk Management System’, Trenord has long adopted an Enterprise Risk Management Model (hereinafter ‘ERM’), which – through a structured and systematic process of risk assessment, monitoring and reporting – provides for effective management of the main corporate risks.




This model is subject to continuous quality review in order to gradually evolve towards a structured and systematic risk management system, aligned with the best practices adopted by best-in-class and internationally recognised companies.



ENTERPRISE RISK MANAGEMENT is the set of corporate culture, skills, competencies and practices, integrated in the processes of strategy definition and execution, that an organisation relies on to manage risks and business opportunities, with the ultimate aim of fostering the creation and protection of corporate value


Principles of reference  

The organisation identifies and addresses risks on an ongoing basis, focusing on what is relevant for fulfilling the company's objectives and strategies, in order to provide the Board of Directors and Top Management with information useful for making risk-informed decisions.


Each level of the organisation (from Top Management to Line Management) takes a proactive approach to risk identification, assessment and management.


Management, as the primary owner of the risks, manages risks and opportunities on a daily basis in line with the company's propensity, and is required to communicate any emerging risks considered relevant for the Company.


The adoption of an ERM model helps to create awareness in the organisation, to spread and strengthen the risk management culture at all managerial levels.




Risk governance

The governance model adopted by Trenord attributes the following specific responsibilities to the various parties involved:


Board of Directors

The board guides and supervises the risk management system.


Chief Executive Officer

The CEO takes care of the design and implementation of the risk management system.


Managerial Risk Committee

Formed of Trenord's Top Management, this committee supports the CEO and promotes a systematic and structured process of identifying and measuring risks and response strategies.


Risk Management

Risk Management assumes the role of facilitator, methodological support and coordination..


Corporate and Line Management (i.e. Risk Owner)

Corporate and Line Management has primary responsibility for the identification, assessment and management and monitoring of risks within its competence, for which it defines and implements appropriate mitigation plans.


Internal Audit

Its task is to verify, on an ongoing basis or in relation to specific needs, that the risk management system is adequate and effectively functioning.




Risk model

Risks are identified on the basis of the Trenord Risk Model, distinguishing between:

  • External risks: related to the external context, difficult for the Company to influence;


  • Strategic risks: related to changes in the Company's operational and competitive environment;


  • Internal risks: related to the performance of company activities.