EN FI SE Contact us Our brands Sustainability Careers Investors News About us BRUK Internal control and risk management systems related to financial reporting InvestorsCorporate GovernanceRisk managementInternal control and risk management systems related to financial reporting Fiskars as an investment Financials Shares & shareholders Corporate Governance Reports and presentations IR calendar Investor relations The financial reporting process refers to activities that generate financial information used in managing the Company and the financial information published in accordance with the requirements of legislation, standards, and other regulations covering the Company’s operations. The role of internal control is to ensure that the Company’s management has access to up-to-date, sufficient, and accurate information needed for managing the Company and that the financial reports published by the Company provide an essentially accurate view of the Company’s financial position. Governance The Parent Company has a Group-level financial management organization that operates under the leadership of the CFO. Financing and financial risk management belong to the Group Treasury function under the responsibility of the CFO. The Strategic Business Units are run by their own leadership teams. They also have their own financial management organizations. The Strategic Business Units and legal entities in countries where the Group operates comprise the base level of financial reporting. The Strategic Business Units and legal entities are responsible for organizing their own financial management and for the accuracy of their financial reporting. With the support of the Company, the Strategic Business Units are responsible for the day-to-day risk management associated with their operations and for monitoring the operations of the finance departments of individual units and legal entities. The Internal Audit function audits and monitors the efficiency of the reporting process and assesses the reliability of financial reporting. The Board of Directors, the Audit Committee, the Group leadership and the management teams of each Strategic Business Unit monitor the development of the financial situation and analyze the progress made towards reaching targets on a monthly basis. Planning and performance reporting Setting and monitoring financial targets is an important part of Fiskars’ management responsibilities. Short-term financial targets are set as part of the annual planning cycle, and progress in achieving these tar-gets is monitored on a monthly basis. The Strategic Business Units and Group legal entities report actual monthly financial data and file monthly projections of how the financial performance is expected to develop over the remainder of the reporting period. Additionally, Strategic Business Units update the outlook for the remainder of the reporting period on a monthly basis on an aggregated level. The Group’s financial performance is reviewed on a monthly basis using a reporting system that covers all units and operations. Information from reporting units is consolidated and validated by the Group’s financial organization and the data is used to prepare a monthly report for senior management. Monthly reports contain condensed income statements for Fiskars’ Strategic Business Units, key indicators, and an overview of the major events affecting their businesses. Reports also include a consolidated income statement, balance sheet data, cash flows, and a projection of the expected development of the financial situation covering the remainder of the reporting period. Accounting principles and financial IT systems Financial reporting is governed by a set of common principles. The Group applies the IFRS accounting standards approved within the EU and has a common Group chart of accounts. The Group’s financial management organization has drawn up guidelines for units, covering the content of financial reporting and the reporting schedule. Strategic Business Units and legal entities in countries make use of a number of different accounting and financial reporting systems. Group-level financial reporting is handled using one centrally-managed system. Strategic Business Units as well as Group legal entities are responsible for providing data for the Group’s reporting system. The Group-level financial management organization is responsible for maintaining the Group’s reporting system and for monitoring that appropriate and correct data is fed into the system. As part of the investment program between 2010–2016, the Group implemented a common enterprise resource planning system (ERP) in Europe. Fiskars continues to invest in IT systems and processes to ensure a competitive infrastructure in building global businesses and brands. Back to Risk management page Updated February 20, 2018 Our brands Sustainability Careers Investors News About us BRUK Privacy at Fiskars Group Fiskars Group Contact us Fiskars Group LinkedIn Fiskars Group Twitter Fiskars Group YouTube Brands Fiskars Royal Copenhagen Iittala Wedgwood Waterford Gerber Arabia Nelson & Gilmour Hackman Rogaška Royal Albert Royal Doulton Rörstrand