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.
Regulatory compliance is responsible for ensuring that the activities subject to a permit are conducted in accordance with laws, government regulations' regulations and general advice, as well as internal rules. To ensure the independence of Regulatory Compliance, 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 is responsible for ensuring that operations are conducted in accordance with laws, government regulations, general guidelines and internal rules. To ensure Riskontroll's independent position, the function reports directly to the CEO and the Board of Directors.
Risk Control is responsible for checking and evaluating that the business has appropriate risk management and for reporting risks to the CEO and the Board of Directors. Risk control shall develop appropriate methods for developing analysis and measurement of operational and financial risks and for continuously monitoring and verifying that each risk is kept within permitted limits.
On behalf of the Board of Directors, Internal Audit conducts audits in accordance with the annually adopted audit plan and other audits deemed necessary. Internal Audit reports to the Risk and Audit Committee, but also reports to the Board of Directors together with Compliance and Risk Control on a quarterly basis.