Financial risk management is mainly centralized to the Group Treasury and Group Tax functions. The aim is to control the Group’s financial risks as well as financial costs, and optimize the relation between risk and cost.
There is also a risk of errors in the financial reporting of the company, that accounting principles are not correctly applied etc. resulting in misrepresentation of the company’s financial position. Group Accounting and Group Reporting are responsible for issuing guidance and instructions to mitigate this risk. Group Internal Control audits the closing and reporting processes in local countries in order to assess the risk of errors (in addition to the audit of the financial statements made by the external auditors of the company).