The objective of risk management is to identify, evaluate, and manage risks that may threaten or prevent Fiskars Group from achieving its business goals and commitments. The aim is to secure personnel and assets, ensure the uninterrupted delivery of safe and high-quality products to customers, and to protect the reputation, brands, and shareholder value of Fiskars Group.
Risk management is an integral part of Fiskars Group’s strategic management, culture, and operations. Tools, control systems, and training and reporting practices are constantly developed and improved. A regular risk assessment of business areas, global functions, and factories increases visibility and the understanding of material risks, and how these risks are currently controlled and monitored. Risk assessment is also used to identify and capture potential business opportunities.
Fiskars Group has a Risk Management Policy, which provides comprehensive risk management guidelines to business areas and global functions. A risk appetite statement, included in the policy, acts as the ultimate guideline in managing risks in Fiskars Group by describing the number and type of risks Fiskars Group Risk management is willing to accept. The Risk Management Policy is approved by the Board of Directors, and the efficiency of risk management systems is evaluated by the Board’s Audit Committee.
The responsibility for identifying, evaluating, reporting, and managing risks lies with the business areas and global functions. The Group Treasury oversees and facilitates a risk management process to support their efforts. The Fiskars Group Leadership Team assesses major risks within the company, and these assessments are incorporated into risk information from business areas and global functions. Action plans to mitigate the financial impact and probability of the most significant risks are established through cross-functional cooperation and presented to the Board’s Audit Committee.
Risk management also addresses risks inherent in financial reporting processes to ensure up-to-date, sufficient, and essentially accurate information for the management and to ensure the correctness of the financial information published by Fiskars Group. A more detailed description of Fiskars Group’s risks and business uncertainties can be found in the Report by the Board of Directors. Comprehensive Groupwide insurance policies provide cover for unexpected and unforeseen events that may damage the Fiskars Group’s property and cause business interruptions. Insurance coverage is also maintained for transportation, various liability, and cyber risks.
Updated February 20, 2024