Internal controls and risk management
The company has strict procedures for internal controls. The Board of Management and Executive Committee have established several Risk, Control and Compliance Committees, which are explained in Integrity and compliance management. As in previous years, we continued to work on system embedded controls, standard role design and segregation of duty monitoring. An integrated Risk and Internal Control department supports all businesses and functions in their work.
The AkzoNobel internal control framework
The AkzoNobel internal control framework provides reasonable assurance in achieving business goals, including strategic, operational and reporting goals, in addition to those covering compliance. Internal control is not only about policies and procedures, but also relates strongly to people, culture and behaviors.
Our risk management system is explained in more detail in the following section. Reference is made to the Statement of the Board of Management in the Leadership section for statements relating to internal risk management and control systems.