The company has established an internal control system aimed at achieving an efficient organisation that achieves the targets set by the board of directors. This system includes work to ensure that the Company’s operations are conducted correctly and efficiently, that laws and regulations are complied with and that financial reporting is accurate and reliable and in accordance with applicable laws and regulations. The company has chosen to structure internal control work in accordance with the so-called COSO framework, which includes the following elements: control environment, risk assessment, control activities, information and communication as well as monitoring and follow-up.
Control environment
The Group’s control environment is based on the distribution of work among the board of directors, the committees and the CEO and the corporate values on which the board of directors and the Group management communicate and base their work. In order to maintain and develop a well-functioning control environment, to comply with applicable laws and regulations, and to ensure compliance within the entire Group with the Group’s desired business practices, the board of directors, as the ultimately responsible body, has established a number of basic documents relevant to risk management and the internal control which consists of operational control documents, policies, procedures and instructions. Among these documents are the board of director’s rules of procedure, instructions for the CEO, instructions for financial reporting, the Group’s code of conduct, communication policy and insider policy.
Policies, routine descriptions and instructions are distributed to and signed by all relevant employees of the Group through the Group’s compliance portal. The Group’s employees are obliged to comply with the Group’s code of conduct and insider policy, and employees regularly perform relevant tests to ensure they are aware of the content of relevant policies, routine descriptions and instructions