Elenia Group has a risk management policy and operating methods for comprehensive risk management, which covers risk identification, assessment, reporting and measures to manage risks.
Elenia’s most significant risks have been identified and the measures to avoid these risks have been determined. Elenia Group’s risk register, which was completed in 2014, is a key component of risk management and risk reporting, and it is updated regularly. Elenia Group’s risk register includes descriptions of significant risks, their effects, probability and extent on an annual level as well as the measures to be carried out to manage the risks.
Management systems, namely the environmental management system, the occupational health and safety management system, and the asset management system, also play a significant role with respect to Elenia Group’s risk register and risk management activities.
Risk management is part of all operations
Comprehensive risk management is part of all management and daily operations at Elenia. The Group’s risk register is updated and the risks are assessed in collaboration with the management teams and key employees of the Group companies. The management of Group companies is responsible for including comprehensive risk management in strategic and operative management and business processes.
The Legal Affairs and Risk Management unit is responsible for overall risk management, preparing and updating the risk management policy, cooperating with business units on practical risk management and developing the required insurance solutions in collaboration with insurance providers. In addition, the team is responsible for the development of risk management.
Business units and processes are responsible for risk identification and assessment as well as the planning, implementation and monitoring of risk management measures.