Risk management and internal control

Statkraft is exposed to risk in a number of areas and across its entire value chain. The management of risk is important for value creation and is an integrated part of all business activities and is followed up within the respective unit by means of procedures for the monitoring and mitigation of risk. Statkraft’s total risk is monitored at Group level and is incorporated in reporting to Group management and the board.

As part of the Group’s internal control system, Statkraft has established a corporate audit function to assist the board and management in making an independent and impartial evaluation of the Group’s key risk management and control procedures. Corporate Audit shall also contribute to ongoing quality improvement in internal management and control systems. The Head of Corporate Audit acts as an advisor on ethical issues and notification body for unethical or illegal matters. The annual corporate audit report and auditing plan for the coming year shall be laid before the board.

Risk management and internal control has been discussed further in the Group's annual report.

Risk matters are discussed in notes 32, 33 and 34.