Governance &
SustainabilityRisk Management
The board of directors, through the audit and risk committee, is committed to executing its responsibility for ensuring that appropriate risk management processes are in place. The Group strives to adopt a structured and comprehensive approach to the effective management of risks at both divisional and operational level, by aligning strategy, processes, people, technology and knowledge for the purpose of evaluating and managing the inherent risks of doing business.
The Group’s risk management policy, as approved by the board during the year under review, furthermore governs the risk management processes as well as each of the divisional risk management frameworks.
Internal audit
Pioneer Foods’ internal audit department is an independent appraisal and assurance function, which fulfils a core function within the Group’s governance structures. It aims to provide autonomous and objective assurance to the Group, as well as rendering consulting services that are designed to add value and improve the Company’s operations.
Its independence is manifested by the function reporting directly to the managing director. It furthermore has regular and unrestricted access to the audit and risk committee. Internal audit aims to assist the business to accomplish its objectives by applying a systematic, disciplined approach in order to evaluate and improve the effectiveness of risk management, integrated systems, control and governance processes across the Group. The role and responsibilities of internal audit is contained in the internal audit charter, as approved by the audit and risk committee.
The internal audit of specialised information technology and the SAP ERP system environment has, however, been outsourced to a division of PricewaterhouseCoopers Inc. This division functions independently from the external audit function.
Findings and recommendations of all internal audit processes are reported to management and the audit and risk committee.
Tip-offs Anonymous
Tip-offs Anonymous is an independent hot-line service whereby any employee or stakeholder can, on an anonymous and confidential basis, report any dubious activity or unethical conduct in the Group. Reports are sent directly to the internal audit function and reported to the audit and risk committee.
