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Corporate governance > Risk management and internal audit

Risk management

The Group’s risk management ensures that the financial reports disclosed by the Revenio Group provide in all material respects true and accurate information about the Company’s financial position. The Group’s risk management aims to ensure the continuity of business and the Group’s capacity to operate in any risk scenarios that can be identified in advance.

Revenio Group Corporation’s Board of Directors authorizes the risk management principles, strategic targets, and priorities. Risk management planning and implementation is steered and supervised by the Board of Directors. The Audit Committee set up the Board of Directors supervises risk management in the Group.

Risk management responsibilities and roles add

The implementation of risk management is the responsibility of business management teams and the Group Management Team. These bodies ensure that sufficient risk identification, assessment, management, and reporting procedures are included in the processes under their respective responsibilities.

Subsidiaries' business management teams locally organize risk management implementation methods that take the subsidiary's size into account. For certain risk management areas in which a centralized approach is appropriate, such as the management of insurance and financial risks, the parent company's Board of Directors makes such decisions based on a proposal by the President & CEO.

Risks and any changes therein are reported to Revenio Group Corporation's Board of Directors. At least once a year, the Board considers major risks and their management and analyzes the effectiveness of risk management.

Risk management is assessed by the Audit Committee during internal audit procedures.

Risk management implementation add

The management of the subsidiaries is to assess risks when preparing annual plans. The management of business segments is to discuss risks and their management, and also update Group-level risk assessments at least once a year.

Separate risk analyses are made for significant projects, such as major customer projects.

Up-to-date information on the most significant risks and uncertainties can be found in the latest financial report published by Revenio: Reports and presentations

Internal audit

The Audit Committee supervises internal auditing in the Company. The Board of Directors is responsible for internal auditing, which is carried out by an external public accountancy firm, authorized by the Central Chamber of Commerce and selected by the Board. The authorized public accountancy firm that performs an internal audit cannot be the same firm that acts as the Company’s auditor.

The objective of internal auditing is to assess and verify the efficiency of risk management, internal control, and management and administration. Internal auditing has been carried out on a case-by-case basis at the discretion of the Board.

Responsibilities of internal control add

Revenio Group Corporation's internal control function is responsible for providing support and ensuring:

the reaching of set targets;
the economical and efficient use of resources;
the management of operational risks;
the reliability and accuracy of financial and other managerial information;
compliance with laws and regulations as well as with strategies, plans, internal rules, and set procedures.

Internal control encompasses all financial and other control exercised by the Board of Directors, the President & CEO, and other personnel. At Group level, internal control is based on monthly reports, analyses, and forecasts, which are discussed at the meetings of the Audit Committee and the Group’s Board of Directors.