Main Principles of Organizing Risk Management
Company adheres to the risk management policy approved by the Board.
Risk management contains all actions, which are connected to setting up targets, identification of risks, measurement, review, handling, reporting, follow-up, monitoring and reacting to risks.
The Aim of Risk Management of the Company is to:
- systematically and thoroughly identify and assess all major risks which threaten the achievement of objectives, including risks related to business operations, property, agreements, competence, currencies, financing, and strategy;
- optimize business opportunities and secure continuation of business;
- recognize and identify uncertainties and subsequently develop the prediction of risks and measures needed to manage risks;
- take only calculated and assessed risks with respect to, e.g., expanding the business, increasing market share and creating new businesses;
- avoid or minimize liability risks;
- ensure the safety of products, solutions, and services;
- establish a safe working environment for the employees;
- minimize possibilities for unhealthy occurrences, crimes or misconduct by operating procedures, control, and supervision;
- inform interest groups of risks and risk management; and
- be cost-effective in risk management.
The Aim of Risk Management is not to:
- exclude all risks at their entirety;
- adopt unnecessary control and management procedures; or
- take bureaucratic processes and procedures into use.