Porsche 2011 Annual Report Download - page 108
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updated on an ongoing basis to reflect changes in
law and new requirements.
Adherence to process organization rules,
guidelines, instructions and descriptions is ensured by
internal controls performed by the risk officers ap-
pointed in this area and by the internal audit function.
The risk management system – goals and
operation
The group’s risk management system is de-
signed to identify potential risks at any early stage so
that suitable countermeasures can be taken to avoid
any developments that might jeopardize the com-
pany’s ability to continue as a going concern.
The risk management system is an integral
part of the group’s structure and process organization
and is embedded in all of its daily business processes.
The opportunities and risks in the group are identified
and assessed during the annual planning. The estab-
lished reporting system is used to monitor the risks
identified. Deviations are analyzed, recorded, and
countermeasures initiated in the event of negative
developments. In addition, the risk management and
internal audit departments monitor and document the
risks and early warning systems. If new or changed
risks are discovered, these departments report im-
mediately to the company's management and propose
solutions. This procedure allows negative trends to be
identified promptly and immediate countermeasures
to be taken. The documented reporting channels
mean that management always has access to an
overall picture of the current risk situation.
Porsche Zwischenholding GmbH and the Por-
sche Zwischenholding GmbH group are only prepared
to take transparent risks that are proportionate to the
benefits expected from the business.
Continuous enhancement
The internal control system and risk man-
agement system are constantly optimized as part of
Porsche’s improvement process. Equal importance is
attached to both internal and external requirements –
such as the provisions of the German Accounting Law
Modernization Act (BilMoG). The main objective of the
improvements made to the risk management system
is to increase the efficiency of the processes for
identifying, managing and monitoring risks.
GROUP MANAGEMENT REPORT108