Now that the Austrian Company Law Amendment Act of 2008 (Unternehmensrechts-Änderungsgesetz) has taken effect, the importance of an internal control system (ICS) and a risk management system and their monitoring mechanisms has grown even further. Both the risk management and the internal control systems are integral components of the existing management systems within the voestalpine Group. The Internal Audit Department independently monitors operating and business processes and the ICS and has full discretion when reporting and assessing audit results.
Concrete measures to eliminate or at least mitigate the risks previously identified within the Group have been developed and largely implemented. The nature of these measures was aimed at mitigating losses and/or reducing the probability of occurrence.
It should be noted that risks within the voestalpine Group overall are limited and manageable and do not represent a danger to the continued existence of the Group.