Corporate Risk Management & Business Continuity
The Corporate Risk Management System is aimed to identify, assess and systematically manage all material risks associated with Cyta in order to ensure that objectives are met and achieve risk awareness on a corporate level. What is more, the Risk Management System can help to timely identify opportunities and harness the positive potential of business activities or changes occurring in the ontext of local or international conditions.
In Cyta, Internal Audit contributes to securing the organisation’s smooth operation by providing independent and objective assurance as well as advisory services to the Administration and Management in terms of the adequacy and effectiveness of risk management activities, security safeguards and corporate governance–namely the core principles of business excellence. The aim of the Internal Audit is to create value for the organisation and to help strengthen its performance through the quality of its work.
The Audit Committee operates in alignment with the principles of Corporate Governance. It is comprised exclusively of members of Cyta’s Board of Directors.
Among other things, the Committee reviews the following:
- The Organisation’s Financial Statements and the Accounting Principles according to which they are prepared.
- The appointment and remuneration of External Auditors and the effectiveness of External Audit, including assessment of the independence and objectivity of the External Auditors.
- The adequacy and effectiveness of the Internal Audit System regarding both Cyta and its subsidiaries.
- The Annual Audit Programme, progress made on its implementation, and Internal Audit reports.
- The evaluation of the Internal Audit as well as its proper and effective organisation, staffing and operation.