Cramo’s internal control consists of Board and Group management level activities as well as various controller activities. Control activities are the policies and procedures that help to ensure that management directives are carried out. They also help to ensure that the necessary actions are taken to address risks in achieving the entity’s objectives.
Control activities are set throughout the organisation, at every level and in every function in order to ascertain that all applicable laws, regulations, internal policies and ethical values are adhered to. Control activities involve a range of actions including but not limited to approvals, authorisations, verifications, reconciliations, reviews of operating performance, security of assets and segregation of duties.
Cramo’s business segment and Group function directors are responsible for monitoring developments in legislation and regulations in their own areas and in communicating them to the organisation. Business segment and Group function directors are also responsible for setting up adequate compliance controls and compliance-related training in their units.
Further information on internal control and risk management related to financial reporting can be found in the Corporate Governance Statement 2019.