Page 59 - Restamax Plc Annual Report 2017

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company’s management employs to ensure efficient, – securing assets
economical and reliable operations.
– compliance with laws, orders, and agreements.
Restamax Plc’s Board of Directors is responsible for or-
ganising the internal control. The Board of Directors has
the highest responsibility of the company’s visions, stra-
tegic goals and the commercial goals set based on them. RISK MANAGEMENT
The Board of Directors also bears the highest responsibil-
ity for the supervision of the bookkeeping and financial Restamax strives to increase the shareholder value within
management and the proper arrangement of operations. the limits set by legislation and the obligations of society.
The Board of Directors approves the common guidelines
for the entire internal control of the Group. Restamax divides the risk factors influencing business
operations, result and stock exchange value into five
The CEO is directly responsible for the implementation main categories: market and business operation risks,
of the strategy and the corresponding investments, for risks related to the personnel, technology and data secu-
ensuring that the bookkeeping is carried out as required rity risks, financing risks and juridical risks.
by the law, and that the financial management has been
organised in a reliable manner. Operative business oper- Restamax strives to protect itself against other risks by
ations are the responsibility of the CEO, with the help of taking out extensive insurance contracts. These include
the Executive Team. The company’s senior management statutory insurances, liability and property insurances,
is responsible for internal control, while the auditors take and legal protection ownership insurances. The scope of
care of external auditing. the insurances, values insured and excesses are checked
annually together with the company’s insurance com-
Taking the quality and scope of the business operations pany.
into consideration, the company has not deemed it nec-
essary to establish a special internal audit organisation. The Group’s risk management and market change antici-
Instead, its duties are included in the business organisa- pation constitute an integral part of the management’s
tion’s tasks in all the units of the Group. everyday work in order to guarantee the continuity of the
business operations. Restamax carries out continuous
Methods and procedures of internal control risk mapping related to its operations and aims to protect
itself from identified risk factors in the best possible way.
The CEO is responsible for organising the bookkeeping
and control mechanisms in practice. The CEO monitors
decisions related to executive level persons, as well as
important operative decisions. The CEO also ensures REPORTING AND CONTROL SYSTEMS
that the Group subsidiaries operate in the interests of
the parent company and endorse the Group’s strategy. The Group employs reporting systems required to ef-
The Group’s Executive Team controls business opera- ficiently monitor its operations. Internal control is con-
tions and monitors the administration in the Group’s nected to the company’s vision, strategic goals and the
daily operations. business goals defined based on them. The realisation of
business goals and the Group’s financial development are
The Group has defined clear authorisations for approving monitored monthly with a control system covering the
investments and matters related to the personnel. The entire Group. As an essential part of the control system,
main tasks of the Group’s Executive Team: the realisation data and up-todate estimates are exam-
ined by the Group’s Executive Team on a monthly basis.
1. supervision of business operations and finances, and The control system includes extensive sales reporting, a
profit and loss account, estimates for turnover and profit,
2. handling investments, corporate acquisitions and ex- and operational key figures.
panding and restriction plans significant for the Group.

Internal control is an essential part of the company’s
administration and management systems. It covers
Restamax’s all units and operations. Among other things,
internal control must evaluate the sufficiency and ef-
ficiency of the risk positions related to the company’s
management and administrative systems, operations
and data systems that apply to:

– the creativity and integrity of financial and operational
data

– the profitability and efficiency of operations

Annual Report 2017