pdf (22.8 MB) - METRO Group

METRO GROUP : ANNUAL REPORT 2011 : BUSINESS
→ GROUP MANAGEMENT REPORT : 11. Risk REPORT
Risk management as a closed loop
METRO Ag sALEs DiVisiONs/sEgMENTs
1. Definition of rules
→ Definition of principles and strategy
→ Derivation of risk areas from target
and control system
→ Definition of processes and organisation
→ provision of training material
→ Group reporting
4. Monitoring/control (centralised)
→ validation of risk inventory
→ Review of effectiveness by internal audit
→ Internal risk management system controls
The risk management system is organised as a closed loop
to ensure the design’s effectiveness with respect to the
defined risk management rules. In addition, this allows
us to guarantee an effective implementation and continuous
improvement of the system based on results
and experiences.
EBiT after Cost of Capital (EBiTaC) as a risk
assessment criterion
The value contribution, which we calculate as eBITaC
(eBIT after Cost of Capital), is a key metric for corporate success.
It corresponds to eBIT including special items from shape
2012 principally periodised over four years less the cost of
capital. The degree of readiness to assume risk also focuses
on this key metric and thus follows the principle of sustainably
increasing enterprise value. In principle, MeTRo GRoUp
takes entrepreneurial risks only if they are manageable and
if the opportunities involved promise reasonable value added.
1 2
EFFECTiVENEss
OF DEsigN
4
EFFECTiVENEss OF
iMPLEMENTATiON
3
strict risk policy principles
→ p. 157
2. introduction and implementation
→ Introduction of risk management system
→ process implementation
→ Compilation of risk reports by units
and functions
→ organisation of training programmes and
knowledge transfer
3. Monitoring/control (decentralised)
→ self-assessment of risk management
effectiveness
→ Internal risk management controls
→ Confirmation by management
Risks incurred in conjunction with the core processes of
wholesaling and retailing are borne by MeTRo GRoUp. The
core processes include the development and implementation
of business models, decisions on store locations, and the
procurement and sale of merchandise and services. Risks
from support processes are reduced within the Group or,
where this appears sensible, transferred to third parties. In
principle, we do not assume risks that are not related to core
processes or support processes.
Clearly defined risk management details
The coordinated application of risk management tools is
assured by the compilation of all relevant facts in guidelines.
These include the articles of association and by-laws
of Group companies, internal Group procedures and the risk
management manual of MeTRo aG, which provides information
on how the risk management system works, offers a
comprehensive overview of potential risk areas, assigns