Referance framework

Michelin has defined its risk management and internal control guidelines and structured the related processes in line with the Reference Framework published by France’s Autorité des Marchés Financiers (AMF) in January 2007 and reaffirmed on July 22, 2010.


In compliance with AMF Recommendation of November 5, 2013, this report presents the required disclosures according to the template defined in the Reference Framework. The risk management and internal control processes are carefully aligned and designed to meet closely related objectives, thereby enabling the Company to seamlessly control all of its business activities.

Risk management and internal control objectives

The Michelin risk management process helps to:

  • Create and preserve the Group’s value, assets and reputation.
  • Secure the Group’s decision-making and business processes to meet its objectives.
  • Promote consistency between the Group’s actions and its values.
  • Encourage employees to embrace a shared vision of the main risks.



The internal control process is specifically designed to ensure:

  • Application of the instructions and guidelines issued by the Chief Executive Officer and the Executive Committee.
  • Compliance with laws and regulations.
  • The proper functioning of internal processes, particularly those relating to the protection of corporate assets.
  • The reliability of financial information.



It comprises a set of resources, procedures, practices and actions aligned with the characteristics of the Group’s businesses, which:

  • Contributes to the control over its activities, to the efficiency of its operations and to the efficient utilization of its resources.
  • Enables it to assess all of its material operational, financial and compliance risks appropriately.



In general, the risk management process has been designed to encourage informed, shared risk-taking in accordance with the Group’s values of responsibility, integrity and ethical behavior.

Documents on display

For more information about the Michelin Group’s risk factors, risk management processes and internal control procedures, refer to section 2.0, pages 50 to 66, of the 2021 Universal Registration Document.

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