Internal control
Internal control means all of the procedures, systems and methods through which Keva’s management aims to ensure efficient, economical and reliable operations and the accomplishment of its goals.
Internal control is a process which ensures the following:
- achieving set goals and aims as well as the economical and efficient use of resources
- the reliability and accuracy of financial and other management information
- complying with laws, regulations and instructions, as well as with decisions by administrative bodies, internal plans and operating methods.
Risk management
Risk management is an integral part of Keva’s internal control and it means the recognition, assessment, restriction and supervision of risks resulting from operations or significantly connected to them. Risk management also involves contingency and emergency planning to ensure the smooth continuation of operations.
The main objective of risk management is to support the development of Keva's operations and processes and the attainment of goals, in order to secure the rights of the insured and pension recipients in all situations.
The most significant risks for Keva are related to financing and investment activities and operational risks.
Further information on risk management is available in the Annual report 2012.
Internal audit
The internal audit of Keva assesses the efficiency and adequacy of internal control at the institution and provides proposals for improving operations. The internal audit operations are based on an internal audit activities plan approved annually by the Board. The function reports to the CEO.
