Internal controls and risk management
The company has strict procedures for internal controls. The Board of Management and Executive Committee have established an Internal Control Committee to assess the adequacy and effectiveness of the company’s internal control framework (see diagram below). As in previous years, we continued to work on system-embedded controls, standard role design and segregation of duty monitoring. The design of the annual internal control self-assessment process was adapted to the most recent changes in the company structure. An integrated Risk and Internal Control department (RIC) supports all businesses and functions in their work.
Our risk management system is explained in more detail in the Risk management section. Reference is made to the Statement of the Board of Management in the Leadership section for statements relating to internal risk management and control systems.