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 President is responsible for risk management and its organization at Group level, including re-sourcing and reviewing the risk management principles. The members of the Management Board 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 and development of risk management.
In addition, 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 centralized process in place for this purpose.
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.