Mikron employs comprehensive risk management to ensure that the risks to which the Group is exposed are identified and assessed correctly, and that the appropriate risk monitoring and control measures are implemented efficiently.
The Mikron Group applies a consistent Group-wide risk assessment system which covers both strategic and operational risks. All identified risks are given a rating (based on probability of occurrence and extent of potential losses) and recorded in a risk inventory. Based on this risk inventory, the Board of Directors conducts a review, at least once a year, of whether the risk governance and reduction measures in place are adequate for the company’s needs. Ongoing monitoring of the risk inventory is the responsibility of Group Management. In addition, accounting and financial reporting risks are monitored and reduced through a suitable internal control system. Further information on risk management is given in the Mikron Annual Report 2020 (Corporate Governance Report, page 44 and Financial Report, pages 71-73).