The function for internal audit
The function for internal audit is responsible for ensuring that there is an independent review and that the supervision of work is carried out within both the first and second line of defence. This means that the internal audit function works according to a current and risk-based audit plan established by the Board, where it reviews and regularly evaluates:
- Whether Nordiska's organisation, governance processes, IT systems, models and routines are appropriate and effective.
- If Nordiska's internal control is appropriate and effective.
- If the business is conducted in accordance with Nordiska's internal regulations.
- Nordiska's risk management based on the decided risk strategy and appropriate level of risk.
- If Nordiska's internal regulations are appropriate and compatible with external regulations.
- Reliability in Nordiska's financial reporting, including commitments off the balance sheet.
- Evaluate the reliability and quality of the work performed within Nordiska's control functions in the second line of defence.
- Makes recommendations to the persons concerned, based on the observations made by the internal audit, and follows up on measures that have been implemented.