Arçelik A.Ş. Sustainability Report 2011

Sustainability Report 2011Risk ManagementIn Arçelik A. fi. risks are managed witha holistic approach. The strategic,operational, financial and other aspectsposing risk for our short and long termobjectives are evaluated, in every levelof the organization starting from theBoard of Directors. With regard to this,the Risk Management Committee wasfounded in order to determine andevaluate risks, to calculate theirimpacts and likelihood, to manage andreport them, to take them into accountin decision making, to form activeinternal control systems and to makesuggestions to the Board of Directors.In line with the evaluation of anddecisions taken by the Board ofDirectors regarding the strategic risks,Risk Management Committeedetermines the procedures regardingmajor risk groups, which will be appliedin integration with relevant businessprocesses. Process managers applythese procedures within their workflowroutine. “Risk ManagementDepartment ” which is organized withinthe company provides technicalsupports to process managers tomanage risks, follows the emergingrisks and ensures their analysis andreporting.At Arçelik A.fi. the internal controlpractices are managed by InternalAudit Department organized underAssistant General Manager, Financeand Accounting. The Audit Committeefollows the functioning and efficiencyof the control system.Risk Management Organization and ResponsibilitiesBoard of DirectorsRisk Assessment of Strategic MainBusiness ObjectivesRisk Management CommitteeIdentification of Procedures andTolerance Limits for Main Risk GroupsLegalRisk Management DepartmentRisk Follow-up Analysis and ReportingRiskDatabaseProceduresInternal Audit DepartmentBusiness Processes13