Internal control and risk management play a role in implementing good governance policies at the Employment Fund. Internal control and risk management procedures are linked to the Employment Fund's corporate governance, decision-making, and strategic and operative planning.
The Employment Fund has an internal control and risk management policy – set by the Board of Directors of the former organisation, the Unemployment Insurance Fund – including internal control guidelines. Furthermore, the Employment Fund’s internal control is based on investment principles determined by the Supervisory Board, investment plans determined by the Board of Directors, debt servicing plans, principles of data management and data security, internal audit procedures, and the Fund’s other procedures.
Internal control and risk management at the Employment Fund involve procedures aimed at achieving reasonable certainty of the following:
The achievement of set objectives and the effectiveness of operations
The production of accurate and sufficient information relating to finances and operations
Legality and compliance of operations
The Employment Fund’s Board of Directors decides on the principles of internal control and risk management, requiring that the Fund’s functions are organised in such a manner that sufficient internal control and risk management is realised at all levels of the organisation and in all its operations.
The principles of the Employment Fund’s internal control and risk management apply to all of the Fund’s functions, and each employee is responsible for implementing them.
There is more detailed information about risks in the most recent annual report.