Integrity, performance and trustworthiness form the basis of responsible and transparent corporate governance. Effective risk management, that is permanent and systematic monitoring to minimise risk, also plays a decisive role. By specifying a future-oriented risk strategy, the Board of Directors establishes the guidelines for dealing with risks. Moreover, the Board continues to develop the already high standards of corporate governance. Compliance with applicable laws and regulations, market norms, supervisory and internal regulations forms an essential base. Group Legal & Compliance advises the business areas, identifies and analyses compliance risks, and ensures that all staff comply with the “Rules of Conduct” (see chapter “Regulatory framework and developments”).
Additionally, the LLB Group’s Group Operational Risk / ICS Department further expanded the central and standardised operation of the internal control system (ICS) already in 2014. As an integral part of our Group-wide risk management it contributes to increasing risk transparency within the company. Its objectives include: effective and efficient management; compliance with laws, regulations and contractual obligations; compliance with internal rules and regulations, directives and instructions; the prevention, avoidance and disclosure of mistakes and irregularities; the guarantee of effective and efficient processes; as well as the assurance of reliable accounting and timely reporting.