The aim of KONE’s internal control environment is to ensure that the Group’s operations are efficient and profitable, risks and opportunities are managed to an acceptable level and that the financial and operational reporting is reliable and in compliance with the applicable regulations, policies and practices.
The Board’s Audit Committee monitors the efficiency and functioning of the internal control environment. The management is responsible for establishing and maintaining adequate internal controls and for monitoring their effectiveness as part of operative management. The management is supported by a dedicated Internal Controls function, responsible for facilitating and coordinating the internal control design, implementation and monitoring across the organization.
KONE’s internal control framework is built and based on corporate values, the KONE Code of Conduct, a culture of honesty and high ethical standards. The framework is supported by a dedicated leadership, training programs, a positive and diligent corporate culture and working environment as well as by attracting and promoting dedicated and competent employees. Global and local policies and principles are key part of the internal control framework.
KONE’s internal controls are designed to manage relevant operational, financial, and compliance risks as part of KONE’s processes and employee job roles. Internal controls are supported by global and local policies and principles that are continuously maintained by incorporating changes and developments from the business operations and information systems.
KONE’s business units are responsible for implementing the control framework and for monitoring adherence to the globally and locally agreed policies and principles. KONE’s Global Finance has the oversight responsibility of the overall framework.