SSAB is an organization which is exposed to both internal and external risks. In order to appropriately ensure a sound internal control, the risks which may affect the financial reporting are identified, gauged and measures are taken. The Group’s system for identifying, reporting and taking measures as regards risks is integrated in the regular reporting to Group Executive Committee and the Board of Directors and also constitutes the basis for the assessment of risks of error in the financial reporting. SSAB’s operations are characterized by processes involving well-established routines and systems. The risk assessment thus takes place largely within these processes. Only general risk assessments take place on a Group level. Responsible persons in the Group identify, monitor and follow-up risks. This creates conditions for well-founded and correct commercial decisions at all levels. Financial risks such as currency, financing and counterparty risks, as well as interest rate and credit risks, are handled primarily by the parent company’s treasury function in accordance with the Group’s finance policy (see Note 27). See also the section entitled “Internal control and risk management” as well as the Report of the Directors, for an outline of the Group’s commercial risk exposure.
Annual Report 2010
Corporate governance
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