Risk Management and Internal Control

The risk management process aims to identify and manage risks to ensure that Qt Group can achieve its strategic and financial targets. Risk management is a structured and continuous process through which risks are identified and assessed, and risk owners are assigned to ensure appropriate mitigation actions are taken in response to the identified risks. The Audit Committee of Qt Group monitors the effectiveness of the risk management system and regularly reviews material risks.

 

Qt Group has internal control instructions, approved by the CEO, which define the objectives, key principles and responsibilities related to internal control. The purpose of internal control is to provide reasonable assurance that operations are effective, financial reporting is reliable, assets are safeguarded, and Qt Group complies with the applicable laws and regulations. The Finance function is responsible for internal control methodology and supports business units and functions in the implementation and maturity assessment of internal controls.

 

Management monitors internal controls through ongoing oversight and regular maturity assessments. Internal controls are validated annually to ensure that any changes in risks, processes, systems, and organisational responsibilities are reflected in the design of the controls. The results of the maturity assessments and identified corrective actions are reported to the Qt Group Management Team.

 

The Audit Committee regularly evaluates whether a separate internal audit function is necessary. As of now, it has been concluded that such a function is not warranted due to the company's size, organisational structure and centralised financial management. The absence of an internal audit function is considered in the objectives and scope of Qt Group's internal control system. Internal audit services will be purchased from an external service provider when necessary.