Risk management and internal control
Risk management
Risk management is based on the continuous identification, evaluation and prioritization of risks. The risk assessment covers both strategic and operational factors and is informed by, among other things, the company’s business strategy, key performance indicators, internal control observations, as well as input from management and the Board of Directors.
The Board of Directors’ duties further include, among others appointing the Audit and Risk Committee.
The duties of the Audit and Risk Committee include, among others:
- Internal control and audit, such as to monitor and assess the effectiveness of the company’s internal control, internal audit, and risk management systems, and approve the internal audit charter and annual internal audit plan.
- Risk Management and Insurances, such as to review the company’s risk profile and monitor and assess the efficiency of the management systems of material risks, including financial, operational, and legal risks, review the company’s risk management framework and policies, and ensure appropriate risk mitigation strategies are in place, and review the adequacy and scope of the company’s major insurance programs as part of its overall risk management oversight.
Internal control
The mission of the internal audit is to provide independent, objective assurance and consulting services designed to add value and improve Reaktor’s operations. It helps the company accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. Internal audit also assists the Board of Directors and senior management of the company in creating an effective and reliable control environment.
