Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 371

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 371
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 and between subsidiaries iskey to our success. |     | Multiple point of entry structurethat has proved to be akey resilience instrumentand is a result of our diversification strategy. |     | Continuous collaboration and daily interactionbetween local and corporate teams.                                        |
| A common set of corporate frameworks and policiesacross the Group adapted to local market conditions.  |     | Synergies and economies of scaleacross the Group.                                                                                 |     | Planning and implementation of new Group-wide and local initiativesto keep developing our management and control model. |

Annual report 2024 338

| Contents |     | Business model and strategy |     | Sustainability statement |     | Corporate governance |     | Economic and financial review |     | Riskmanagement and compliance |

### 8. INTERNAL CONTROL OVER FINANCIAL REPORTING (ICFR)
This section describes the key features of Grupo Santander's ICFR.

8.1 Control environment

Governance and control bodies

These bodies are responsible for implementing and overseeing our ICFR, which builds on the Group’s internal control system (ICS):

• Board of directors. It approves the financial reports Banco Santander must disclose as a listed company. The board also oversees and guarantees the integrity of the Group’s internal information, control, accounting and reporting systems.

• Audit committee. It assists the board of directors in overseeing the ICS and in preparing and presenting financial information. The audit committee also works with the external auditor to address matters that have been considered in audits to have a significant impact on our ICFR. It also makes sure the external auditor issues a report on the Group’s ICFR.

For more details, see section 4.5 'Audit committee activities in 2024' .

• Risk control committee. It assists the audit committee in reviewing and overseeing the annual ICS assessment.

• Corporate accounting, financial and management, and sustainability information committee. It is responsible for governing and supervising accounting, financial management and control matters.

• Internal control steering meeting. It is chaired by the CRO and CAO and its role is to continuously monitors the Group’s control environment, as well as the ICS strategy and performance.

Lead functions

The structure of the Group enables us to manage risk effectively and ensure that internal control functions (risk, compliance and internal audit) are independent of business functions and can perform their duties efficiently. The key functions that prepare financial information are:

• Costs function. It draws up and documents the corporate model for managing structures and templates, which is