Profoto has established a risk assessment procedure, entailing that Profoto conducts annual risk assessment with the purpose to identify, assess and manage risks which threaten the Group’s vision and goals. For Profoto, risks are identified and assessed within the following risk areas:
- Strategic risk
- Operational risk
- Financial risk
The risk assessment is performed by each VP. Identified risks shall be documented in a uniform format and shall be assessed based on certain impact and probability criteria, which provides certain risk value. Profoto’s objective with the risk value is to form basis for Profoto’s allocation of resources to the most relevant and prioritized risks. Strategies for managing risks include to accept, monitor and reduce the identified risks. All risks exceeding a certain established risk value must be reduced. Such risks are referred to as key risks.