Internal Control Framework of the Company

Bittium’s internal control framework consists of:

the internal control, risk management and corporate governance policies and principles set by the Company´s Board of Directors;
management overseeing the implementation and application of the policies and principles;
finance function and business controllers monitoring the efficiency and effectiveness of the operations and reliability of the financial and management reporting;
enterprise risk management process identifying, assessing and mitigating risks threatening the realization of the Company´s objectives;
monitoring possible agreements and other legal acts between the Company and its related parties;
compliance procedures making sure that all applicable laws, regulations, internal policies and ethical values (including sustainability) are adhered to;
effective control environment at all organizational levels including control activities tailored for defined processes and creating group minimum requirements for product and service areas as well as for geographical areas;
shared ethical values and strong internal control culture among all employees; and
internal audit assignments reviewing the effectiveness of the internal controls as needed.