Risk management forms an integral part of our control processes. It ensures that we are mindful of risks involved in our activities and can identify any financial or nonfinancial risks at an early stage. We attempt to avoid or mitigate risks by taking appropriate countermeasures, or to transfer them to third parties (such as insurers) to the extent possible and economically acceptable.
The internal control system (ICS) applied to our accounting processes enables timely risk monitoring. This ensures the accuracy of our financial reporting along with the prevention or, where necessary, rectification of errors in the processing of business transactions. It also ensures the availability of reliable data on the company’s financial situation.
However, the control and risk management system cannot provide absolute protection against losses arising from business risks or fraudulent actions.