Risk management roles and responsibilities
The Board of Directors of Marimekko is ultimately responsible for the administration of the company and the appropriate organization of its operations. The Board approves the internal control, risk management and corporate governance policies. The Audit and Remuneration Committee is responsible for the appropriate arrangement of the control of the company accounts and finances and monitors the efficiency of internal control and risk management systems and evaluates risk reports and prepares risk management matters for the Board of Directors.
The President and CEO sets the basis for the internal control environment by instructing the management and following how the company’s business is monitored. The President and CEO is responsible for the day-to-day management of the company in accordance with the instructions and orders given by the Board of Directors. The President and CEO ensures that the accounts of the company are in compliance with laws and regulations and that its finances are arranged in a reliable manner. The President and CEO further ensures the execution of appropriate risk management in the Group.
The members of the Management Group are responsible for identifying and assessing risks in their respective areas of responsibility, appropriate risk management activities, and communication of risks and measures to staff. The General Counsel is responsible for supporting the risk assessment process, development and harmonization of risk management, risk management training and guidance, and uniformity of reporting templates and systems used in risk management. The Group’s financial function, on the other hand, supports the development of functions’ controls, monitors the adequacy and functionality of controls, and is responsible for the correctness, timeliness and compliance with laws and regulations related to reporting.
In addition, every employee is responsible for identifying and assessing risks related to their work or otherwise discovered and for reporting these risks to their manager.
Risk reporting
Risk reporting is an integral element of Marimekko’s annual business planning and strategy process. Internal risk reporting is part of regular, continuous business reporting, short-term business planning and the decision-making process. The company reports its key risks and risk management measures in the Report of the Board of Directors and quarterly Interim Reports, and in compliance with Corporate Governance principles, laws and regulations. Individual reports may also be published whenever necessary.