Risk management and internal control systems: introduction
Corio manages its operations from a holding company that is managed by the Management Board and which encompasses the following functions: Investor Relations, Public Relations, Strategy & Asset Allocation, Treasury, Finance & Control, Legal & Compliance, Information Management, Tax, Risk Management and Human Resources. The operations are managed primary by five business units, which are directly linked to the countries and regions in which Corio is active. These business units are responsible for all operational functions within their individual areas of activity. Corio is therefore a highly decentralised organisation that can respond quickly and properly to changing market circumstances, seize opportunities and identify risks at an early stage. Operations are structured according to local conditions and insights. As all management is done in house, market information can be picked up on quickly before being filtered. This concerns the primary processes such as purchases and sales, lettings and shopping centre management and supporting processes. The management of the business units monitor the effectiveness and efficiency of the processes. Quarterly reports based on annual budgets and approved investment proposals are produced for the holding company.
Source: Annual Report 2008, Chapter Corporate governance, page 129 (PDF, 72 kB)
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