Risk management

Good corporate governance also includes a responsible approach to the risks and opportunities arising in connection with business operations. The early identification and limitation of business risks is therefore of great importance to the Management Board and Supervisory Board.

The Management Board is responsible for ensuring and continuously developing appropriate risk management and monitoring of risks within the company. The Accounting Law Modernization Act (Bilanzrechtsmodernisierungsgesetz; BilMoG) precisely defines the tasks of the Supervisory Board with regard to monitoring the accounting process and ensuring the effectiveness of the internal control system, the risk management system and the internal audit system. In order for the Supervisory Board to fulfill this task, it must be provided with suitable information on the basis of which it can form an opinion on the adequacy and effectiveness of the systems. Regular reports on the adequacy and effectiveness of the internal control system are submitted to the Audit and Compliance Committee. In addition, the Management Board reports to the Audit and Compliance Committee on risks of material importance to the Group companies and how they are handled by the Management Board. It also controls whether the early warning system for risks meets the requirements of Section 91 (2) of the German Stock Corporation Act (Aktiengesetz; AktG).