NWG // CORPORATE GOVERNANCE
documented and communicated . Within New Wave Group some of the most important constituent parts of the control environment are documented in the form of policies as well as instructions , such as authorization instructions , financial reporting manual and process documentations .
Corporate Governance policy The different corporate governance aspects of the Group are summarized in the Corporate Governance policy , which is also a governing document for other Group policies .
Finance policy The Finance policy stipulates guidance for financial and internal control , with the purpose of establishing a well-functioning and efficient control environment . The policy also includes areas such as financial reporting , tax and related party transactions .
Risk policy The policy describes the Group ’ s process for risk assessment and risk management , regarding both financial and non-financial risks . The policy also sets out frameworks for how the Group ’ s operations shall be financed and guidance on how risks such as currency risks and interest rate risks shall be dealt with .
IT policy The Group ’ s IT policy describes the Group ’ s principles for application and safety within IT .
Information policy The Group ’ s Information policy is a document that describes the Group ’ s rules for handling and communication of information , both internally within the Group as well as externally .
Insider policy The policy sets out rules for handling and communication of insider information .
CSR and environmental policy The Group ’ s CSR and environmental policy sets out guidelines for the social and environmental work within the Group and its value chain .
Anti-corruption policy The Group ’ s Anti-corruption policy describes the Group ’ s principles for work against corruption .
Anti-money laundering policy Stipulate guidance to reduce the risk for money laundering .
Whistleblowing policy Contains instructions and rules related to the Group ’ s whistleblowing function .
Control activities
In order to ensure the internal control works , there are both automatic controls in IT systems , which handle authority and authorization rights , as well as manual controls such as reconciliations and physical counts . Detailed economic analyses of the result plus follow-up of forecasts supplement the controls and provide a general confirmation of the quality of the financial reporting .
The Group performs reviews of the companies ’ accounting on a monthly basis , which is reported to Group management . CFOs in all Group companies report directly to Group CFO . No CEO for a Group company is permitted to appoint or dismiss a finance manager on their own . The Group ’ s risks related to the financial reporting lay in the risk that material misstatements may occur when reporting the company ’ s financial position and results . The Group ’ s finance policy and financial reporting manual , together with established follow-up routines , serve to minimize these risks .
Follow-up
The most important control documents in the form of policies and instructions are updated regularly and communicated via relevant channels . Any deviations from Group policies shall be regularly reported to each policy owner , and major deviations shall be communicated to the audit committee and the Board . Finance personnel and management at company and Group level analyze the financial reporting in detail every month . New Wave Group ’ s decentralized corporate structure means that each company ' s financial department is responsible for ensuring that the financial reporting from each unit is correct , complete and on time . The controls in respect of the various processes and risk elements are evaluated by means of self-assessment , Board meetings and via the company ’ s external auditors . Several processes are fully or partly centralized at Group level , such as purchasing , payments , financing , IT , consolidation and reporting . The Group ’ s central finance organization is responsible for implementing , further developing and
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