Risks and risk management

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OVERVIEW OF RISK MANAGEMENT

Risk management is part of Harvia’s business management. Harvia Group’s risk management is guided by the Risk Management Policy. The purpose of risk management is to promote the identification of risks and their preventive management, to ensure an adequate level of risk management, and to include risk management as part of the company’s business.

Harvia has a group level risk assessment and reporting model. The Group carries out a comprehensive risk assessment annually, in which the most relevant risks to the realization of the Group’s strategy or other objectives are evaluated based on their likelihood and impact on business operations. The annual risk assessment also evaluates the company’s risk management measures. The Group’s Management Team is responsible for the risk assessment. If needed, the risk assessment is updated, for example, for the risk assessment included in interim reports. The results of the risk assessment are reported to the Group’s Board of Directors.

The Group’s Management Team is responsible for the execution of risk management. The Audit Committee of the Board of Directors supervises the efficiency and expediency of the Group’s risk management.