Internal control system (ICS) and risk management

Komax’s internal control system (ICS) fulfils all the requirements of the Swiss Code of Obligations as well as the guidelines of the Swiss Institute of Certified Accountants and Tax Experts. Whereas work in previous years has concentrated on the careful Group-wide implementation of the ICS concept, the focus in 2010 was on monitoring its application among Group companies and ensuring that controls were up to date. Furthermore, the ICS was also further improved during the year.

Compliance with the ICS is systematically reviewed by the internal audit team by means of standardized processes. The internal audit team compiles reports on the results of its controlling work for the Komax Group’s CFO, who in turn provides information at meetings of the Audit Committee.

Risk management has always been a high priority at Komax and has officially been part of the ICS since 2008. The company’s risk environment is reviewed with a critical eye at regular intervals. When the need arises, controls are introduced for the first time or immediately adjusted, while measures are taken to enhance effective risk management