The overall objective of internal control is to ensure, to a reasonable degree, that the Company’s operational strategies and targets are monitored and that the owners’ investments are protected.
In addition, internal control ensures, with reasonable certainty, that external financial reporting is reliable and prepared in accordance with generally accepted auditing principles, and that it complies with applicable laws and regulations and the requirements imposed on listed companies.
The Group is tasked with seeking to ensure that risks do not materialize and, through various measures, with mitigating the fallout of any loss that occurs. The Group’s Risk Management organization manages the work of preventing the occurrence of loss at all, and of mitigating the effects of such loss should it nevertheless occur. Each division and subsidiary is responsible for working proactively to prevent loss. Each division has appointed a coordinating risk manager.
SSAB Risk Management manages risks relating to injury, and damage to property and the environment (insurable risks) to which the Group is exposed and which are associated with the Company’s operations. The possibility to take out insurance is to be regarded as one of several tools to mitigate the effects of any injury or damage which occurs.
The Group Risk Manager is functionally responsible for the Group’s risk works and collaborates with the respective risk manager from each division to optimize the work from a joint Group perspective. This work is conducted in, for example, a Risk Forum, which meets regularly to discuss topical risk management issues and insurances.