Internal control
General principles of internal control have been specified in the Group and approved by the Board of Directors. The aim of corporate internal control is to ensure that the Group's operations are efficient and profitable and that the information produced is reliable. The control system enables the monitoring of operating principles and procedures.
By their own activities, corporate management and other superiors will ensure that internal control works well, while the financial organisation of the Group supports them by issuing instructions and supervising compliance. The Group's financial development is monitored on a monthly basis through a control system covering the entire Group. The reporting covers not only business reviews and forecasts for activities in the current year but also quantitative monthly reports.
Risk management principles
The aim of risk management is to detect, analyse and attempt to control any risks threatening the operations to ensure continuity in the Group and to maximise the share value. Risk management is an annual part of the Group's strategic process, which also specifies the most significant risks affecting the Group. The Board of Directors discusses the strategy and risk summary annually, typically in its August meeting. Details of the capital and risk management principles are included in the Annual Report yearly.
Arrangements for internal auditing
The company has no separate internal audit organisation; this was not considered necessary in view of the size of the Group and the extent of its activities, and internal control and procedures were seen as eliminating the need for a separate internal audit organisation. External auditors take part in a review of the Group's control system in connection with the drafting of the annual audit plan. In addition, the Group relies on other third-party resources as necessary.
