We made several improvements to our risk management and internal control system in 2017.
We made several improvements to our risk management and internal control system in 2017:
- The TenneT risk matrix, used for prioritising risks in a uniform way, has been further aligned with TenneT’s strategy. A new structure was created to meet the specific needs of the different risk domains (asset management, projects and corporate).
- TenneT appointed two compliance & integrity officers and implemented a corporate policy on gifts and hospitality and an improved corporate whistleblowing policy. We underline cultural awareness in this matter through employee training sessions and organised the Week of Integrity 2017.
- To enrich our strategic risk position and create the opportunity for new insights, the annual strategic risk assessment 2017 focused more on looking outside in by means of a scenario approach.
- Local laws and regulatory requirements (e.g. the German Business Control and Transparency Act and the German Accounting Law Reform Act) have been fully integrated into one operational risk process instead of separate work streams being maintained.
- Bolstered by our harmonised working methods and established quality standards for internal control, we made further progress with developing internal control for our business and non-financial reporting processes in both the Netherlands and Germany.
- For project risk management, we increased comparability and overall data quality within and between individual projects.