Internal control and risk management make sure that the Reka Industrial's operations are as effective and profitable as possible, and that the information that it provides is trustworthy and that regulations and operating principles are followed.
The Board of Directors has the highest responsibility of monitoring accounting and capital management in the company. The CEO is responsible for organizing the controlling system and risk management in practice. The company's financial situation and development is monitored on a monthly basis, and the information is published in annual and interim reports. A more detailed description of the company's internal control and risk management is included in the company's separate Corporate Governance Statement.
Internal audit
The company's Board of Directors has established an Audit Committee for the Group's internal control and audit. The committee reports to the Board. The Board of Directors can also handle the duties of the Audit Committee itself. An operative internal audit is mainly carried out by the company's own organization, and third party experts are used on a project basis.
Risks and risk management
Reka Industrial's financial risks include currency, interest rate, commodity, liquidity, credit and investment market risks. Financial risks and protection measures are described in more detail in notes to the financial statements. The company’s future risk factors are related to the development of its business segments.
The financial situation in the euro area and political uncertainties may have an effect on the purchase amounts and the launch of new projects of the customers in the Rubber segment. The increase in the price and availability of energy may directly and indirectly affect the market.
In 2023, the focus was on balance values, investments and the effect of corporate transactions on reporting. In guidance to internal audit measures emphasis to securing continuity as well as process and ICT risks management played major role.