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Opdateret  07-06-2010

Risk and risk management 

Risk and risk management

The Board of Directors carries out an annual review of the risk management systems, controls and policies.

The main purpose of the review is to ensure that risks which may be critical to the Group’s ability to achieve the set targets are identified and uncovered.

Like the rest of the Group, the overall management of the risk area is based on the principles of the fundamental management structure, which is described in the section on Corporate Governance. The daily follow-up and management of risks are based on a structure of internal policies, concepts and procedures.

At North Media risks are divided into five levels and illustrated as follows:

 

 
  

Control structure

Detailed internal control and risk management systems have been established in connection with the process of presenting financial statements. The aim is to ensure that the internal and external financial statements give a true and fair view free from material misstatement. Furthermore, the systems are to ensure that external interim management statements, interim report and annual reports for the Group are presented in accordance with IFRS as adopted by the EU as well as additional Danish disclosure requirements for the presentation of financial statements of listed companies.

Strategy and action plans

Independent strategy and action plans as well as budgets have been prepared for the individual subsidiaries and activities. The plans and the budgets are checked against the monthly reporting. A detailed and standardised process is used to prepare annual strategy and action plans as well as budgets. In this process, significant risks are identified and it is decided how to handle them.

Follow-up and control

Based on instructions from the Board of Directors, including values for business management, guidelines for corporate governance and through cooperation with the Audit Committee, the Group Finance function has prepared systems for a detailed financial reporting process with built-in control procedures. The systems do not eliminate the risk of error and do not provide complete assurance that all errors are discovered and adjusted, but they ensure that risks are controlled and that material errors and defects are corrected.

 
 

 

North Media A/S - CVR-NR: 66 59 01 19 - Gladsaxe Møllevej 28 - 2860 Søborg - Telefon: 39 57 70 00 - Telefax: 39 66 74 15