Endomines Finland Plc’s risk management process and internal control are based on Finnish Companies Act (624/2006, as amended), the Articles of Association of the Company, Securities Market Association’s Finnish Corporate Governance Code (2020) and on the Company’s internal plan. Risks related to Company’s business and business environment as well as risks related to the Company’s financial position and financing are extensively presented in the Company’s Corporate Governance – Business Model -manual, and Corporate Governance – Finance and Administration -manual.
Risk management, internal control and Code of Conduct are a key part of good corporate governance at Endomines.
Objectives and principles of risk management
The Group’s risk management seeks to ensure that the financial reports published by the Company provide materially correct information about the Company’s financial standing.
The central principle of risk management is continuous, systematic and pre-emptive action to identify risks, to define the level of risk the Company accepts, to evaluate and manage risks and, in the event of risk realisation, to see to their effective management so that the Company will meet its strategic and financial goals.
Endomines Finland Plc’s Board of Directors confirms the Company’s risk management principles, strategical goals and focus points. It also directs and monitors the planning and implementation of risk management. The Group’s Audit Committee appointed by the Company’s Board of Directors monitors risk management in the Group. The risk management is a part of the Group’s management, monitoring and reporting systems. Risk management covers identifying a risk, its assessment and contingency plans.
The risk management process is based on the business plan implementing the company’s strategy, prepared by the CEO. Internal and external events that have a material effect on the Company’s objectives are identified and divided into risks and opportunities. The probability and impact of the risks in the event of risk realisation is assessed, and an action plan regarding risks that are identified as significant is drafted.
Key risks and risk management measures are reported annually in the Company’s annual report, interim reports and on a case-by-case basis as necessary.