Risk management supports the achievement of the authority's goals and ensures the continuity of its operations
The objective of risk management is to manage risks that are harmful to FICORA in order to enable the achievement of goals and the continuity of the operations. Also, the objective is to control the effect that the consequences of FICORA's operations have on the society, the compliance of the operations with the requirements, and to enable intentional risk-taking by ensuring that FICORA's top executives have access to:
- necessary information on the risks threatening the authority's operations or the achievement of the goals, as well as on the possibilities for better risk management,
- systematic and uniform methods for the assessment and management of identified risks,
- documented information on how successful the suitability of implemented risk management methods is, and
- information required for reporting to stakeholders.
The measures for FICORA's comprehensive risk management are primarily targeted at the authority's key strategic goals and securing the achievement of these goals, as well as at ensuring FICORA's organisational security and operational continuity.
FICORA reports its risk management to the Ministry of Transport and Communications in accordance with the Act on the Openness of Government Activities and the authority's guidelines. The reporting is part of the processes related to operational and economic planning and performance guidance in which the internal supervision of FICORA's financial statement and the declaration of assurance on the assessment of risk management are included.