Risk Management
Infinited Fiber Company’s risk management processes are based on the Finnish Limited Liability Companies Act, the company’s Articles of Association and the company’s internal plan.
Principles
The purpose of risk management is to guarantee comprehensive and appropriate identification, assessment, management, and monitoring of risks and contingency plans. The aim of risk management is to ensure the successful execution of the company’s strategy, meeting company’s sustainability targets, high customer loyalty and talent retention, profitability and the continuity of business and shareholder value in relation to all identifiable risks.
The company’s strategic targets and action plans are used as a basis for the risk identification. Risk analysis is conducted as self-assessment by the organisation. In assessing the impact of a risk, its probability and impact on the company and its operations are considered. Separate risk analyses concerning significant projects may be conducted in accordance with the company’s guidelines.
Roles and responsibilities
The Board of Directors decides on the company’s risk management principles and evaluates its strategic risks on annual basis as part of the strategy process, and risks related to the company’s business operations, industry, markets, financial situation and legal, regulatory and compliance risks continuously. The Board processes the most significant risks and measures to manage them and supervises the effectiveness of risk management. The Board defines the company’s risk appetite, that is, the level of risk accepted, on an overall basis.
The CEO has the overall responsibility for the risk management, while other members of the Management Team are each responsible for managing the risks on their own responsibility areas.
The CFO organizes the company’s risk management and reports to the Board of Directors about risks and risk management measures on a regular basis.
Audit committee is responsible for reviewing and monitoring the risk management framework and its implementation.
Risk management officer coordinates and facilitates the risk management process. Risk management officer maintains company’s risk portfolio up-to-date at all times as well as prepares risk reports for the CEO and the board of directors. Risk management officer is to continuously monitor key risk indicators, as well as the management of incidents.
Internal audit provides independent and objective assurance by evaluating the effectiveness of the risk management framework.
Every employee must understand and follow the processes and procedures relevant to their area of work. Processes and procedures are designed and documented to ensure that areas of perceived risk are effectively managed.