As a precautionary approach, we constantly assess and monitor our operational and financial risks. Although risks cannot be entirely avoided, we have worked out an effective system to manage them. The objective of our risk management process is to understand, assess and control the risks and uncertainties, to increase probability of success and minimise the probability of failure and the uncertainty of achieving the Company’s overall objectives. AS Tallinna Vesi has defined the roles and responsibilities as well as the components of the risk management process, which is also in line with the Emergency Act.
Risk management process is something that is integrated and embedded in AS Tallinna Vesi organisational culture and processes, and supports the implementation of the strategic objectives of the Company. Risk reporting is integrated into the business planning process and risks are reviewed regularly and escalated through the organisation.
Audit Committee and the Supervisory Board receive and review, on a quarterly basis, the overview of the significant risks along with details of the current controls and any further actions that are planned; and potential financial impact when possible.