Risk management and internal control
The purpose of internal control within the Endomines Group is to ensure the efficiency and productivity of the company’s operations and the reliability of financial and operational management reporting, as well as compliance with the applicable laws and regulations and internal guidelines within the Group.
The company’s internal control consists of the internal control policy and decision-making and approval procedures approved by the Board, as well as their monitoring and corrective measures. Risk assessment lays the foundation for effective internal control. Control functions ensure that the materialisation of identified risks is minimised.
The company’s Board of Directors is responsible for the organisation of internal control, and the Audit Committee monitors the effectiveness of internal control. The Group’s Management Team is responsible for ensuring that effective control procedures are in place to manage risks. The executive management is responsible for risks, the related controls and the implementation of corrective measures.
Where necessary, the Audit Committee uses internal or external resources to carry out separate internal audits.
Our operations are guided by our risk management policy
The company’s principle is that risks are identified, their magnitude and significance are assessed, risk reduction measures are determined, and their implementation and monitoring are decided on.
The company has a Group-level risk assessment and monitoring model in place, and the Group carries out a comprehensive risk assessment annually to assess the probability and business impact for the most relevant risks in terms of the Group’s strategy and other objectives, and to identify risk management measures. Where necessary, risk assessments are updated for half-year reports, for example.
The company’s executive management compiles a comprehensive risk management report for a management review. Every six months, the CEO presents a risk management report to the Board’s Audit Committee, which reviews the report and presents it to the Board.
The Company’s Board is responsible for determining the Group’s risk-taking level, deciding on taking strategic risks, and monitoring the results of risk management and assessing its effectiveness. The Board’s Audit Committee monitors the effectiveness of the Group’s risk management system.