Risk management objectives and scope
As with all types of business, there are many kinds of risks involved in Admicom’s operations. The risks regarding the company’s business and its surrounding environment have been presented thoroughly in connection with the leaflet published during Admicom’s First North -listing.
Systematic risk management practices are the means to ensure that Admicom is successful in achieving the set strategic goals and business objectives and is being able to maintain business continuity in a changing environment.
The Admicom corporation’s risk management process consists of proactive and preventative actions, with which the company protects itself from risks. The company’s risk management is planned beforehand, and it contains the continuous monitoring process of both external and internal environments. Risk management is an essential part of Admicom’s strategic and operative management.
Risk management is based on the high quality and security of supply throughout the life cycle of Admicom’s operations and service products, and the ongoing, systematic efforts to prevent potential damages or mishaps on all corporate stages. The responsibility of risk management is firmly tied to the executive team and to every company employee.
Risk management policy and processes
The responsibility for risk management lies with the corporation’s upper management, the executive management team and the managers of different areas of business. Risk management processes limit risks by systematically mapping, reviewing, preventing, reporting, overseeing and controlling them. Admicom’s risk management process is based on the company’s internal directives.
The risk management process is improved continuously, and it shall be an inseparable part of Admicom’s management, company culture and business. The purpose is to create a general view of the company’s operational environment and internal situation, estimate risks, complete the actions necessary to prevent them, take care of communications when needed and look at the results and examine the actions.
The board of directors and the executive management make decisions and give instructions on strategic matters. Each business is accountable for achieving strategic goals and the control and prevention of risks. The executive management is responsible for creating regular risk estimates and reporting them to the board of directors. The CEO coordinates all risk management activity, maps out risks and works in co-operation with different business areas in practical risk prevention. The sufficiency and effectivity of risk management measures are monitored together with business activities, and supplementary actions shall be implemented when needed.