Internal Control and Risk Management
Technopolis´s Board of Directors is responsible for ensuring that the principles of internal control are defined and that the efficiency of internal control is monitored on a regular basis. The Board is responsible for supervision and ensuring that the CEO reports to the Board on the company´s business operations and management in accordance with the orders and instructions given. The CEO is in charge of the practical arrangements of internal control and ensures that the control is organized in an appropriate manner.
The Technopolis Group has an internal control organization for processes, supervised by the executive management. The representatives of this organization have been selected from amongst personnel in different areas of the business and regionally from different units.
The tasks of the organization include:
– monitoring adherence to uniform operating principles confirmed by the management in all core, support and management processes of Technopolis’s business
– identifying and compiling development areas in operations in an audit.
The internal control organization for processes reviews all core processes and support processes of the business operations in each regional unit during each calendar year. The results of the audit are reported to the CEO.
The responsibility for financial reporting in accordance with external accounting requirements, and for generating internal financial reporting for business operations rests with the group´s financial management under the supervision of the Chief Financial Officer. The management of each business unit, together with the controller organization under the supervision of the Chief Financial Officer, is responsible for producing financial forecasts.
On the group level, financial development is monitored through uniform reporting in all segments and their regional units on a monthly basis. The controller organization analyzes actual development in comparison with forecasts and provides reports on deviations.
The control over matters requiring special financial expertise, such as calculating the fair value of investment properties and construction projects in progress, as well as the control over foreign investments, is carried out in close collaboration with external auditing.