Declarations: ‘in control’ statement
The adopted risk management approach has been developed in order to prevent material errors in the financial reporting and to flag and mitigate failures in the management of strategic, operational and legal/regulatory risks in good time. The risk management and internal control systems reduce risks to an acceptable level but do not entirely exclude errors of judgement in the decision-making process, human error, deliberate evasion of control processes by staff or third parties, or unforeseen circumstances. The presence and effectiveness of these systems cannot therefore provide absolute assurance with regard to the achievement of objectives.
The risk management process as executed in 2008 will be repeated each year, paying constant attention to the implementation of action plans, the further integration of risk management into the planning and control cycle, and the process for monitoring the effectiveness of control measures. Additionally, specific attention will be paid to changes in processes.
The Management Board believes that Corio’s risk management and internal control systems satisfy the standards ensuing from the principles and the best-practice provisions of the Dutch corporate governance code. These systems have shown themselves to be reasonably effective in the year under review and thus offer reasonable assurance that the financial reporting does not contain any material misstatements. There are no indications that these systems will be ineffective in 2009.
Source: Annual Report 2008, Chapter Corporate governance, page 133 (PDF, 72 kB)
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