Internal control and risk management
The aim of internal control and risk management systems related to Raisio’s financial reporting process is to ensure sufficient guarantee of reliability of the company's financial statements and reporting and that the Group operates ethically and in compliance with laws and regulations and that its operations are efficient and profitable.
Raisio’s internal control is based on the Group’s values – competence, responsibility and open cooperation - that contribute to the achievement of targets laid out in the Group’s vision and strategy. Raisio’s basic targets are profitability, customer satisfaction and well-being. Values and basic targets influence the company’s day-to-day interaction with customers, suppliers and investors. They also affect various internal policies, guidelines and established practices.
Raisio does not have a separate audit committee or an internal audit organisation. The Board and CEO have the overall responsibility for organizing the internal control and risk management systems related to financial reporting. The Group’s internal control is understood as a process involving the Board, management and other personnel. Internal control is thus not a separate organisation, but part of the Group’s overall operations. The internal business control system is the responsibility of the Divisions’ management and the business controller function in compliance with the Group’s principles and guidelines.
The Group is managed according to a system emphasising the Group and Division scorecards and related action plans, as well as a so called annual clock. In order to achieve efficient and profitable operations, planning and goal-setting are given a key role in the management system. Planning and follow-up are scheduled according to the calendar defined in the annual clock. Monthly management reporting and the operations analysis of actual business results in relation to the budgeted and monthly updated forecasts carried out in connection with reporting, form the key supervision process aimed at securing efficient and appropriate operations.