The overall objective of risk management is to identify, evaluate, and manage risks that may threaten the achievement of the Company’s business goals. The aim is to secure personnel and assets, ensure the uninterrupted delivery of products to customers, and protect the Company’s reputation, brands, and shareholder value from developments or damage that may undermine the Company’s profitability or adversely affect its assets.
The principles observed in risk management are included in the risk management policy approved by the Board of Directors. The latter’s Audit Committee oversees the efficiency of risk management systems. Responsibility for identifying, evaluating, and also, to large extent, managing Fiskars’ risks is delegated to business units and support functions. The Group Treasury is responsible for developing and maintaining the methods, tools, and reporting associated with risk management. In addition, it carries out regular risk assessments together with business units and support functions and assists in the preparation of action plans based on the results of these assessments.
Fiskars has taken out extensive insurance to provide cover for the Group’s main assets, possible business interruptions, transportation and liabilities. Insurance matters, with the exception of certain types of local insurance, are managed centrally by the Group Treasury. The Group Treasury manages financial risks in accordance with principles approved by the Board of Directors.