Corporate governance
Operational activities are conducted in four units in Sweden, Denmark, Finland and Norway. The head office with management and staffs is located in Stockholm. The Swedish Financial Supervisory Authority supervises FOREX's operations in Sweden and in the other Nordic countries where FOREX conducts branch operations.
FOREX submits comprehensive reporting on, among other things, organization, internal control, financial position and information to customers. Finansinspektionen can also make site visits both in Sweden and in the branches. In addition to legal regulation and the Swedish Financial Supervisory Authority's regulations and general guidelines, FOREX has several policies and instructions that provide the overall framework for the governance of the business. Policies are decided annually or as necessary by the FOREX Board. Instructions and procedures are decided by the management and together they provide the overall framework.
Auditor
The Annual General Meeting has elected EY as the auditing firm with Authorized Public Accountant Jesper Nilsson as auditor in charge. The auditor in charge always participates in the Board meeting that discusses the annual accounts. The auditor reviews overall interim reports and other reports that the Board deems appropriate to review. The auditor may also be called to participate in the meetings of the Risk and Audit Committee.
Control Functions
The Board of Directors shall ensure that FOREX has an organisational structure with effective communication and reporting channels and that there is an appropriate and effective internal control structure. This structure shall, in addition to the independent control functions for risk control, compliance and internal audit, also include appropriate processes and procedures for internal control of operational activities, in particular for financial reporting and accounting.
Compliance
Regulatory compliance is responsible for following up compliance risks within the activities subject to authorisation. To ensure an independent position, the function reports directly to the CEO and Board of Directors. Regulatory compliance must continuously inform about the risks that may arise in the activities subject to authorisation as a result of non-compliance. Reporting to the Board of Directors takes place in accordance with what is determined annually in the Board's annual plan.
Risk control
Risk Control is responsible for following up that the business has processes in place with good internal governance and control so that these are conducted in accordance with laws, government regulations' regulations and general advice, as well as internal rules. To ensure an independent position, the function reports directly to the CEO and Board of Directors. Risk Control checks and evaluates that the business has appropriate risk management and reports risks. Risk control shall develop methods for developing analysis and measurement of the operational and financial risks, as well as for continuously following up and checking that each risk is kept within permitted limits.
Internal audit
Internal Audit carries out audits in accordance with the annually adopted audit plan and other audits deemed necessary. Internal Audit reports to the Risk and Audit Committee and quarterly to the Board of Directors together with Compliance and Risk Control.
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