Principal risks and uncertanties

Risk management approach

The Executive Board is responsible for ensuring compliance with all relevant legislation and regulations. It is responsible for proper financing of the Company and for managing the risks attached to the Company’s activities. The Executive Board reports on and accounts for internal risk management and control systems to the Supervisory Board and the Audit Committee.

For the risks & uncertainties, see the respective section in our Annual report. The audit services and non-audit services require pre-approval of the Audit Committee.

The Internal Audit Department operates under the responsibility of the Executive Board. Its annual plan is risk based and is reviewed and approved by both the Executive Board and the Audit Committee. The External Auditor is closely involved and informed on the plan. Audit findings and follow-up of remediating action plans are presented to the External Auditor and the Audit Committee.

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