Internal Control System
Corporate Auditing regularly inspects, on behalf of the Executive Board, the correct functioning of risk management systems at all business divisions, corporate departments and subsidiaries. WACKER’s uniform control mechanisms – such as its dual-control policy and separation of functions – are fully established and apply as standards groupwide. Audits focus on correctness, compliance, safety/security and cost efficiency. Topics and items for auditing are determined annually in a risk-oriented procedure. We react flexibly to altered auditing requirements. Auditing teams usually consist of one to three employees, depending on the item and auditing scope. In 2008, Corporate Auditing conducted 30 audits.
External Control System
Externally, the risk management system is examined by the auditors as part of auditing annual financial statements.