The Group’s risk management ensures that the financial reports disclosed by the Relais Group provide in all material matters true and accurate information on the Company’s financial position and legal status. The Group’s risk management aims to ensure the continuity of business and the Group’s capacity to operate in any risk scenarios that can be identified in advance.
Risk management principles, strategic goals and priorities are approved by Relais’ Board of Directors in the form of the risk management policy. The Board of Directors also directs and supervises the planning and implementation of Risk Management. Board member Katri Nygård participates in the risk management work on behalf of the board.
Roles and responsibilities concerning risk management
The responsibility for implementing risk management rests with the group’s management team. The members of the management team are responsible for ensuring that adequate risk identification, assessment, management, and reporting procedures are included in the processes under their responsibility.
The managing directors of the subsidiaries, under the supervision of the members of the management team, organize locally the appropriate way of implementing risk management, taking into account the size of each company.
With regard to certain areas of risk management, such as insurance, information security and financial risk management, where a centralized approach is appropriate, the board of the parent company makes decisions based on the proposal of the CEO and CFO.
Risks and their changes are reported to the Board of Directors of Relais. The company’s board will process the most significant risks, their management and evaluates the effectiveness of risk management at least once a year. The group’s CFO is responsible for annual reporting to the board.
Risk management implementation
The management of the subsidiaries evaluates risks annually based on the group’s updated risk map. The subsidiaries’ risk assessments and action plans are updated at least once a year.
Separate risk analyzes are made for significant projects, such as acquisitions. A financial, fiscal and legal due diligence is performed on acquisition targets to identify and manage the risks associated with acquisitions.