Internal control and risk management
Assemblin conducts a structured work with internal control and risk management which aims to utilize future opportunities with controlled risks.
Structured work with internal control
The board’s responsibilites regarding the internal control are regulated in the Swedish Companies Act, the Annual Accounts Act (1995:1554) and the Swedish Code. In addition, Assemblin has adopted a policy for internal control in which the basic principles for Assemblin´s internal control are established. The internal control shall ensure that the external finanical reporting is reasonable reliable and prepared in accordance with good accounting practice, that applicable laws and regulations are complied with and that other requirements for listed companies are complied with.
Internal governance and control within Assemblin is based on a structure of governing documents, processes and defined roles and areas of responsibility. The structure is based on the internally accepted framework COSO (The Committee of Sponsoring Organizations of the Treadway Commission).
The Audit Committee is independent in relation to Assemblin's Executive Management Team regarding the supervision of internal control and bear a special responsibility for assuring the quality of the financial reporting and for monitoring Assemblin's work with internal control.
The Board of Directors routinely assesses the need for a specific internal audit function, but until further notice has deemed that the procedures that have been set up are sufficient based on Assemblin’s position and needs.
A structured risk management and internal control procedure
The Board is ultimately responsible for Assemblin’s risk management, which is governed via a Group-wide risk management policy and risk management procedure. The risk management process shall ensure that decisions and investments are in line with Assemblin´s risk profile and that effective control measures are applied to manage any significant risks. Beside the enterprise risk assessment, the risks within financial reporting are managed in specific.
The board evaluates and reviews the risk management framwork, including the top risk report, twice a year.