Fasadgruppen has established a framework for internal control for the purpose of creating an efficient organisation that meets the targets set by the board of directors. This framework includes routines to ensure that Fasadgruppen’s operations are conducted correctly and efficiently, that laws and regulations are complied with and that the financial reporting is accurate and reliable and in accordance with applicable laws and regulations. Fasadgruppen’s internal control includes the following elements: risk assessment, control activities as well as evaluation and reporting.
Risk assessment
Fasadgruppen has established a risk assessment procedure, meaning that Fasadgruppen conducts annual risk analyses and risk assessments. In accordance with this framework, risks are identified and categorised in the following four areas:
Fasadgruppen’s objective with the risk analyses is to identify the most significant risks that may prevent Fasadgruppen from achieving its targets or realising its business idea. The objective is further to evaluate these risks based on the probability that they will realise in the future and to what extent the risks would affect Fasadgruppen’s targets if they were to realise.
Each individual risk is assigned a so-called risk owner. The risk owner has a mandate and responsibility to ensure that actions and controls are established and implemented. The risk owner is also responsible for monitoring, following up and reporting changes in Fasadgruppen’s risk exposure in relation to identified risks.
Identified risks are reported annually by the Company’s CEO to the audit committee and the board of directors. The board of directors evaluates Fasadgruppen’s risk management system, including risk assessments, and shall annually submit a description in which the most important elements of Fasadgruppen’s internal control and risk management are examined in detail. The purpose of this procedure is to ensure that significant risks are managed and that controls that counteract identified risks are implemented.
Control activities
Fasadgruppen has established a risk management procedure that includes a number of control activities of matters that must be in place and function in the risk management procedures. The control requirements constitute important tools that enable the board of directors to lead and evaluate information from the senior management as well as to take responsibility for identified risks.
Evaluation and reporting
A self-assessment of the internal control’s effectiveness shall annually be performed by an employee appointed by the Company’s CEO. The Company’s CEO is responsible for presenting the results to the audit committee and the board of directors. Fasadgruppen has a group-wide monitoring process through which the entities and functions shall follow up the efficiency of the controls and report back to the employee appointed by the Company’s CEO.
Last edit 20 April 2021