Risk management

Audited by PwC

For many years, Novozymes has had a vision of creating value in the broadest sense. Novozymes aims to create a cleaner environment, better lives, and better business. The way Novozymes is managed reflects this, as management systems are set up to seek opportunities within all these areas while at the same time reducing risk and securing compliance with rules and regulations.

Identifying and managing risk are integrated into the management systems at Novozymes. We define risks as “events or tendencies that can prevent the company from achieving its overall targets – including financial, environmental, and social targets – or negatively affect our image or our future results and activities.” Novozymes strives to identify risks as early as possible and, once they have been identified, we act and follow up on them.

Risks are not only caused by external factors affecting our achievement of targets but can also be caused by internal procedures, such as errors leading to the misstatement of information, malfunctioning of products, etc. Novozymes strives to minimize these procedural risks through the extensive use of quality management systems and ISO certifications, which includes detailed control and action requirements both covering global procedures as well as specific requirements dependent on location, business area and function.

The Novozymes Touch describes the vision, values, and management principles of the company. It outlines the code of behavior and philosophy of Novozymes. By following the right behavior and principles, we are able to reduce the risk of misconduct by Novozymes.

To secure compliance with the management systems and the Novozymes Touch, both facilitations and quality management audits are used. Each year, a report on compliance is submitted to Executive Management and the Board of Directors.
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