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Corporate responsibility risks

Risk management serves to safeguard and improve business performance and the achievement of strategic goals by reducing the probability and effects of materialized risks and supporting the utilization of business opportunities.

Our corporate responsibility risks are updated twice a year as part of our comprehensive risk management process, and they are reported as a separate item in our risk report. The risk report is processed by our corporate responsibility steering group, Board of Directors, Audit Committee and Executive Board.

During 2013, we identified outsourcing measures related to financial responsibility as a potential corporate responsibility risk. In particular, they can have a negative effect on our reputation and, consequently, cause us to lose customers. Another risk that we identified was that of information leaks, particularly those related to sensitive personal information. Information security and privacy protection were also key concerns in our stakeholder survey.

Corporate responsibility risks also include those related to corruption and the failure of internal control. These are particularly important in Russia, Poland and the Baltic countries. In addition, investments in Russia may be considered to be unethical because of the social and legal development related to the business environment. Furthermore, accidents that cause extensive damage to the environment were identified as a key environmental responsibility risk.

 

 

 

Risk management is described in more detail on our website