We place great importance on carefully managing potential risks to the Company in our daily work. Our risk management system is oriented toward identifying risks and optimizing existing risk positions. We continually adapt this system to changes in the operating environment. A detailed description of the risk management system and our accounting-related internal control system may be found in the Risk Report.
The Audit Committee established by the Supervisory Board monitors the financial reporting process, the effectiveness of the internal control and internal audit systems, and compliance, in particular. It also supervises the audit of financial statements, particularly the required independence of the auditors, the additional services performed by the auditors, the engagement of the auditors, the definition of areas of emphasis of the audit and the agreed fee. As recommended in article 5.3.2 of the German Corporate Governance Code, the Chairman of the Audit Committee, Dr. Ferdinand Oliver Porsche, has particular expertise and experience in the application of financial reporting principles and internal control systems.