Internal Control and Audit
Tikkurila maintains an internal control system to ensure:
- the effectiveness and efficiency of its operations, including
- the reliability of financial and operational reporting and
- compliance with applicable regulations, policies and practices.
Internal control is an integral part of all Tikkurila’s operations and covers all levels of the Company. The entire personnel of the Company are responsible for internal control and its effectiveness is monitored by managers as part of operational management.
The main components of internal control are:
- management and organizational culture
- risk assessment
- control activities
- reporting and communication
- monitoring and auditing.
Tikkurila’s values, Code of Conduct and Group-level policies provide the basis for corporate governance and internal control in the Company. The internal policies and the Code of Conduct have been communicated to all staff in Tikkurila Group. The Company also provides training concerning the main policies for people who need to know the policies in question.
Every employee has the right and duty to report any violations of the law and the Code of Conduct.
Tikkurila Group’s internal audit function is an independent and objective activity assisting the Board of Directors in fulfilling its oversight responsibilities, as well as in evaluating and improving reporting processes, internal control, governance and audit processes, and to a relevant extent risk management. It also monitors compliance with laws, regulations and the Code of Conduct of the Group. Tikkurila’s Board of Directors approves the Internal Audit charter, which governs the principles of internal audit work within Tikkurila.
From the beginning of 2011, Tikkurila's internal audit has been managed as an in-house function that can also utilize external expert resources in conjunction with its audits. Previously it was handled by Tikkurila's previous parent company Kemira Oyj. Members of the internal audit team have complete and unrestricted access to all activities of the Group. Tikkurila’s Internal Auditor reports functionally to the Audit Committee of the Board of Directors and administratively to the Chief Financial Officer of the Group. Moreover, Internal Auditor has continuous dialogue with the statutory external auditors in order to coordinate their respective work and to exchange information.
Reporting violations in Tikkurila Group
Tikkurila has in use a reporting system with an objective to secure that Tikkurila's daily operations are in accordance with the Code of Conduct and to offer an anonymous way to bring up violations against these principles or other illegal or unethical business practices.
If you notice any violations in our operations, please report to the Tikkurila Group Audit Management:
Your anonymity will be safeguarded during the procedure.