The internal control system encompasses oversight of the Company’s and the Group’s organization, procedures, and support measures. Its objective is to ensure reliable and accurate financial reporting, that the Company’s and the Group’s financial statements are prepared in accordance with applicable laws and accounting standards, that the Company’s assets are protected, and that other regulatory requirements are met.
The internal control system is also designed to monitor compliance with the Company’s and the Group’s policies, principles, and instructions. It includes risk analysis and follow-up on the integration of information and business systems. The Group identifies, assesses, and manages risks based on its vision and strategic objectives. Assessment of strategic, compliance, operational, and financial risks is conducted annually by Group management and presented to the Board of Directors.
The Board of Directors is responsible for internal control. Processes for managing operations and delivering value shall be established within the operational management system. The CEO is responsible for the process structure within the Group.
An annual self-assessment of the minimum requirements for defined controls related to identified risks in each business process shall be conducted and reported to the Board. The CFO is responsible for the self-assessment process, which is facilitated by the functioning of the internal control system. In addition, the internal control function performs evaluations of risk controls and internal systems in accordance with the plan agreed upon with the Board.