The objective of risk management in the Group is to support the implementation of the strategy, the identification of risks and methods for reducing the probability and impacts of risks, as well as ensuring business continuity. Risks may arise from internal or external events.
The Board has approved the Enterprise Risk Management Policy, which describes the objectives, principles and responsibilities of risk management in the Group as well as the principles of reporting. Accordingly, the Group Finance and Development function supports and co-ordinates risk management as part of the group’s planning and steering processes. It also regularly reports the key risks to the management and the Audit Committee. The Board discusses the Group’s most significant risks and uncertainties and reports them to the market annually in the Board’s Report. In addition, the company describes the material short-term risks and uncertainties in half-yearly reports and interim management statements.
In the Group, the business areas are responsible for risks related to their operations and their identification, prevention and key mitigation means. The Group Treasury manages the financial risks according to the hedging principles defined in the Treasury Policy. The company’s internal audit annually evaluates the efficiency of the company’s risk management system.