The goal of Fortaco’s risk management
Fortaco promotes a company culture focused on continuously monitoring own operations, those of business partners, and the overall development in the market and world. This is done in order to quickly notice potential changes in the operating environment, which might have either positive or negative consequences to the company.
The goal of Fortaco’s risk management approach is to notice and mitigate the impact of negative developments to the operations. As importantly, it is also about seizing opportunities for the benefit of the company and customers.
On a strategic level, Fortaco categorizes risks in five categories
Cyber and technological risks
Effective risk management strategies at Fortaco
Each identified risk is analyzed based on its probability of occurrence and business impact.
Risk management is integrated in Fortaco’s daily operations and business management, and it is performed on all organization levels. Each Fortaco’s employee is responsible for identifying and managing risks in the area of his/her responsibility.
Realized risk reporting is managed through the Risk Classification and Elimination (RCE) process. The objective of RCE is to simplify the identification of issues, classify their seriousness and clarify the progress reporting. The RCE process is applied to safety, quality, delivery, cost, and financials, as well as business continuity issues. Supervisory Board has the accountability to stakeholders for organization oversight.
Internal audit evaluates the effectiveness and efficiency of Fortaco risk management, internal control, and governance processes. Fortaco utilizes an external service provider to conduct the internal audit activities.