Risk management and (financial) reporting

Internal risk management and control systems are in place. Our risk management system is explained in more detail in the Risk management chapter in this section.

We have strict procedures for internal and disclosure controls and auditor independence. The Disclosure Committee monitors the procedures established by the company and advises the Executive Committee to ensure adequate and timely disclosure of material financial and non-financial information.

A separate internal control function is operational to secure compliance with the company’s internal control requirements. An area of special focus in 2011 has been to re-emphasize the control standards for our IT systems and to make more use of automated controls in these systems. The company-wide internal control self-assessment was strengthened and a new company-wide process was put in place to discuss and monitor progress with respect to compliance related issues.

Reference is made to the Report of the Board of Management in the Strategy section for the statements in respect of the internal risk management and control systems.

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