Porsche 2011 Annual Report Download - page 118
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The risk management system – goals and
operation
The Volkswagen group’s risk management
system is designed to identify potential risks at an
early stage so that suitable counter-measures can be
taken to avert the threat of loss to the company, and
any risks that might jeopardize its continued exis-
tence can be ruled out.
The risk management system is an integral
part of the Volkswagen group’s structure and work-
flows and is embedded in its business processes.
Events that may give rise to risk are identified and
assessed on a decentralized basis in the divisions
and at the investees. Countermeasures are intro-
duced immediately, their effects are assessed and
the information is incorporated into the planning in a
timely manner. The results of the operational risk
management process are used to support budget
planning and controlling on an ongoing basis. The
targets agreed in the budget planning rounds are
continually verified in revolving planning reviews.
At the same time, the results of risk mitiga-
tion measures that have already been taken are
incorporated into the monthly forecasts on further
business development in a timely manner. This
means that the board of management has access to
an overall picture of the current risk situation through
the documented reporting channels during the year
as well.
The Volkswagen group is prepared to enter
into transparent risks that are proportionate to the
benefits expected from the business.
Continuous enhancement
The Volkswagen group constantly optimizes
its internal control system and risk management
system as part of its continuous improvement proc-
esses. In doing so, equal consideration is given to
both internal and external requirements – such as the
provisions of the German Accounting Law Moderniza-
tion Act (BilMoG). The objective of the improvements
made to the systems is to ensure regular monitoring
of the relevant risk areas in the organizational units
responsible. The focus is on reviewing the effective-
ness of the key management and monitoring instru-
ments identified. This concept culminates in both
regular and event-driven reporting to the board of
management and supervisory board of Volkswagen
AG, into which the reporting in accordance with the
KonTraG is integrated.
GROUP MANAGEMENT REPORT118