Independent control
The Board has ultimate responsibility for ensuring that operations are conducted with a good internal control and compliance. As part of this, the Board has developed extensive and detailed guidelines and policy documents to the organization. The CEO is responsible for establishing an organization that follows set rules and guidelines. In addition to the control and monitoring carried out in the business, there are three of the business separate independent control functions:
Risk management
Risk management is an independent function whose responsibility is to oversee the group’s risks, principally operational risk, credit risk, market risk and liquidity risk. Risk manager is Henrik Hedblom.
Compliance
The function task consists mainly of ensuring compliance with the regulatory framework of financial markets and to assist the board and management to monitor and regularly assess their internal rules and procedures designed to ensure proper compliance adequacy and effectiveness. The function also evaluates the measures taken to remedy any deficiencies, assisting the business with advice and support with regard to the development of internal rules and the training and information internally in regulatory matters. Compliance officer is Björn Wendleby, Magnusson Law.
Internal Audit
Internal Audit examines and evaluates the processes of risk management, governance and control in the group with a focus on operational risks. The internal audit function is independent from the operational activities and reports to the Board. Internal Audit examines both current operations within the line organization and the group’s various functions for controlling risk. The internal audit also acts advisory to the business context of operational risk. Internal Audit’s work is based on an annual audit plan based on a risk-based evaluation of the activities and processes for risk management, governance and control of the group. The plan defines the most likely risks and objectives of the audit. The function is outsourced to PWC
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