Having a system in place to map and proactively manage key risks to the business is a central element in Novozymes’ management. The aim is to create transparency and the optimal decision-making basis when the Board of Directors and Executive Management discuss and take decisions on the business.Financial reporting process
Novozymes’ internal controls and risk management systems are updated on an ongoing basis and have been designed with a view to discovering and eliminating errors and defects in the financial statements, but as there is always a risk of misuse of assets, unexpected losses, etc., the internal controls and risk management systems can only provide reasonable and not absolute assurance that all material errors and defects are discovered and rectified.
The internal controls and risk management systems also cover the environmental, social, and knowledge data reproduced in The Novozymes Report.
A more detailed description of Novozymes’ risk management and internal controls concerning the financial reporting process can be found at www.novozymes.com.