Risk management responsibilities, organisation and reporting

Risk management responsibilities and organisation

Marimekko’s Board of Directors is responsible for confirming the Group’s risk management principles and assessing whether Marimekko’s risk management process is appropriate in terms of scope and content. The Board also confirms the risk levels prevailing at any given time and resolves on measures to be taken to manage the most significant risks faced by the Group. The Audit and Remuneration Committee will handle and prepare matters relating to risk management.

The President is responsible for risk management and its organisation at Group level, including re-sourcing and reviewing the risk management principles. The Management Group, consisting of the President (Chair) and those responsible for the various business areas, bears the responsibility for implementing risk management, monitoring operational risks and measures related to risks.

The risk working group, consisting of representatives of the key business areas, is responsible for enhancing risk management and supporting the business functions in their risk management efforts. The working group also evaluates the results of risk reporting and provides risk reports to the Management Group as stipulated in the risk management policy.

The business functions are responsible for identifying and assessing risks affecting their own area, proposing measures for risk management and reporting to the risk working group as instructed. Each employee is responsible for identifying any risks inherent in his or her duties or otherwise discovered and reporting them to his or her superior.

The transfer of risk through insurance primarily concerns accident risks. Marimekko has a centralised process in place for this purpose.

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.