Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 523

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 523
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 control environment implemented by the first line. |
| 3rd |     | The third line of defence, which is the Internal Audit functions, is fully independent to give the board and senior management assurance of high-quality and efficient internal control, governance and risk management to verify that we comply with the law and to preserve our value, solvency and reputation.                                                                                                                                |

Risk, compliance and internal audit functions are sufficiently separate and independent from each other. Each function has direct access to the board and its committees. The risk and compliance functions report to the risk supervision, regulation and compliance committee and the internal audit function reports to the audit committee. Risk and compliance committees' structure The Group’s risk and compliance governance covers our day-to-day operations and special situations. It is supported by a clearly defined committee structure, from the board of directors and board committees to top level committees and lower level forums. Our governance aims to facilitate effective and efficient decision-making on risks, oversee risk control, and check that we manage risks according to the risk appetite set by the Group and subsidiary boards of directors. To achieve these aims, our risk and compliance governance keeps risk control and risk-taking separate. The board of directors has final oversight of risk and compliance management and control to promote a sound risk culture and to review and approve risk appetite and policy, with support from its risk supervision, regulation and compliance committee (RSRCC) and its executive committee.

| For more details, see section4.8 ‘Risk supervision, regulation and compliance committee activities in 2024’on 'Corporate governance' chapter. |

Annual report 2024 506

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

| Board level: |     |                 |     |                     |     | Board of directors |     |              |     |                                                       |
|              |     | Risk management |     |                     |     |                    |     | Risk control |     |                                                       |
|              |     |                 |     | Executive committee |     |                    |     |              |     | Risk supervision, regulation and compliance committee |

| Executive level: |     |                       |     | Executive risk committee (ERC) |     |                                                               |     | Risk control committee (RCC) |     |                                     |     | Compliance and conduct committee |
| Chair:           |     | CEO                   |     |                                |     | CRO                                                           |     |                              |     | C