The Internal Control Framework covers the whole Group and includes Group Board, Group CEO and senior management responsibilities regarding internal control, all Group functions and business areas, including outsourced activities and distribution channels.
Under the Internal Control Framework, all business areas, Group functions and units are responsible for managing the risks they incur when conducting their activities and for having controls in place that aim to ensure compliance with internal and external requirements.
As part of the Internal Control Framework, Nordea has established Group control functions with appropriate and sufficient authority, independence and access to the Group Board to fulfil their mission in line with the Risk Management Framework.
The framework, control functions and how internal and external audit is performed, is further described in the Annual Report.