Framework for internal control

Ambea’s internal control is based on two perspectives: managing business-related risks and managing financial reporting risks.

The system for internal control as regards the financial reporting aims at ensuring a reliable financial reporting and providing a correct picture of Ambea’s financial position in compliance with laws and applicable accounting standards. Ambea has chosen to implement the COSO as a framework, to provide methods for designing internal control procedures in financial reporting. COSO is an internationally recognised framework for internal governance and control. COSO defines internal control as a process, preformed by the organisation’s board of directors, management and other personnel, formed to deliver a reasonable assurance of that the targets relating to the following categories are fulfilled: (i) efficiency and productivity in the business, (ii) reliable financial reporting, and (iii) compliance with applicable laws and rules.

The risk management regarding the operations, where one of the most important risks is the quality risk, is carried out within in the framework for the management process Care Management Model. The Care Management Model aims to ensure quality control and define measures for how quality improvement shall be implemented. To ensure that high quality is achieved and maintained across all of Ambea’s processes and operations, and throughout its governance structure from management down to each unit and employee, the Company operates a care management model based on the following four central pillars: (i) an industry-leading quality monitoring and reporting system; (ii) a robust governance process; (iii) leadership and education; and (iv) operational excellence and digitalisation.