Risk management
Risk management is a part of Alma Media's financial reporting process and one of the most significant measures of internal control. At Alma Media Group, the task of risk management is to continuously evaluate and monitor all business opportunities, threats and risks to ensure the achievement of objectives and business continuity.The Board of Directors carries the primary responsibility for Alma Media’s risk management. The Board of Directors considers the most significant identified risks and is in charge of defining the Group’s risk appetite. The Audit committee approves the risk management principles of the Group and monitors the efficiency of the risk management systems. The Audit committee also discusses the management reports on significant risks and the company’s exposure to them as well as considers the plans to minimise risks.
The CEO, the Group Executive Team and other managers in the Group at all organisational levels are responsible for carrying out daily risk management. In each business unit, a member of the unit’s executive group, usually the person in charge of the finances of the unit, is appointed as responsible for risk management and reporting on risk management operations.
The risk management process is a means to identify risks, develop risk management measures and report the risks regularly to the risk management organisation. Risk management is part of Alma Media’s internal control and, thus, part of good corporate governance. Alma Media sets limits to and procedures for quantitative as well as qualitative risks in writing in its risk management system.
Page last updated 21.05.2012
