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 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 the identification, evaluation, reporting, and management of risks lies with the business areas and global functions. The risk management process is overseen and facilitated by the Group Treasury. Business areas and global functions report their major risks to the Group Treasury for consolidation of the risk information. Fiskars Group Leadership Team’s assessment of the Group’s major risks is included in the risk map 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 April 13, 2023