The Group’s activities are subject to the following categories of risk associated with financial instruments:
- credit risk,
- financial liquidity risk,
- commodity risk,
- currency risk,
- interest rate risk.
This note contains information on the Group’s exposure to each of the aforementioned types of risk and describes the objectives and policies with regard to managing risk and capital.
The Parent’s Management Board is responsible for setting out the risk management framework and rules.
Managing financial risk at the Group is based on a formalised and integrated risk management process, described in dedicated risk management policies, procedures and methodologies.
Risk management is designed as a continuous process. The Group continuously analyses risk in terms of external environmental impact and changes in its structures and activities. Based on this, it takes actions that are intended to limit risk or transfer it outside of the Group.