Annual Report 2019

Risk management in 2019: Main findings and future improvement plans

During the year, we conducted multiple risk workshops and risk self-assessments. As a result, we identified risks that the responsible management and experts determined as 'Priority.' The outcome of these risk analyses is included in the risk profile and described in 'Emerging Trends' in this section. The risk profile and trends are shared with all stakeholders within the organization.

In the bottom-up consolidation process, the risks were taken to the next level of management, where they were reassessed either due to the materiality of the risk exposure and/or as a result of the accumulated effect. Our primary focus is on the main risks that may affect the realization of our strategy over the next three to five years. We also identified risks that were recognized in prior years on its actual occurrence and noted that some of these need further actions to be taken.

In 2020, we will further strengthen our risk management process for all three lines of defense. The risks that occur due to our company growth will be treated in a similar way as before, but in a more technology-enabled environment.