Comprehensive risk management
During 2013, Elenia Group created favourable conditions for comprehensive risk management. As a result, the company has a risk management policy and operating methods for risk identification and reporting in place.
Elenia’s most significant risks have been identified and the measures to avoid these risks have been determined. A risk register is a key element in risk reporting. The register is created and updated based on risk management. It includes descriptions of significant risks, their effects, probability and extent on an annual level as well as the measures to be carried out to control the risks.
Risk management is part of all operations
Comprehensive risk management is part of all management processes and daily operations at Elenia. The Group’s risk register is updated and its risks are assessed annually in collaboration with the Management Teams of Elenia Oy and Elenia Lämpö Oy and key employees. The management is responsible for including comprehensive risk management in strategic and operative management and business processes.
The Procurement Coordination and Risk Management team is responsible for coordinating 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 companies and brokers. In addition, the team is responsible for the development of risk management.
Service processes and business units are responsible for risk identification and assessment as well as the planning of risk management measures and the monitoring and control of their implementation.