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Key features of the company’s internal controls and risk management systems

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The Board of Directors is conscious of its responsibilities and takes risks into account in determining the strategic direction of the company. Risk-related matters are discussed at meetings. The Audit Committee plays a key role in the financial reporting process. For more details, please refer to this committee’s activity report. The Management Committee is also aware of the importance of good internal controls and risk management. Since 2015 the company has held ISO 55001 certification for asset management, of which risk control is an important aspect. In this context, the risk matrix is an objective tool for managing risks. Risk-related matters are discussed at the weekly meetings as a permanent item on the agenda and passed on to the internal auditor for information.

A risk management policy, for which policy lines are determined, procedures issued, signing authorities stipulated, early warning indicators built in and checklists used, is followed in all departments. We also keep up with changes in legislation. These tools are accompanied by an integrity policy, including a procedure for reporting integrity violations. The necessary measures have also been taken to ensure information security.

Several specific departments and roles focus closely on risks: Prevention and Protection, Environment, Compliance Management, the Nuisance Reduction Manager, the ombudsman and the internal auditor. In addition, the company focuses on monitoring and reporting risks. A reliable information system and the updated Balanced Scorecard, which serves both as a measurement instrument and as a reporting system, are used for this. Internal quality audits are carried out on the implemented procedures. The internal auditor, the external auditor and the Financial Regulator for the Flemish Region all supervise the company.

Regarding risk management, we also refer to the annual report accompanying the consolidated financial statements under IFRS.

Aquafin mission

To develop reliable waste water and stormwater management, tailored to our customers’ requirements, with respect for those around us and the environment.