The accounting-based internal control system is documented in organisational guidelines, descriptions of work processes, financial reporting handbooks, and operating instructions. It contains organisational security measures, as well as ongoing automatic measures and controls that are integrated in the work processes. These are, in particular, separation of functions, the double-check principle, access limitations, payment guidelines, new product and new structure process and balance confirmations. Process-independent measures are, above all, carried out by the internal audit department.
The risk management methods described in the risk report provide continuous qualitative and quantitative statements regarding MünchenerHyp’s economic situation, including, for example, the development of performance. This evaluation involves aspects of all risk categories.
A close coordination process exists between the risk controlling and accounting departments at MünchenerHyp. This coordination process is supervised by the entire Board of Management.
The results from the risk management system form the basis for the multi-year planning calculations, year-end projections, and agreement procedures for approving the key figures generated by the Bank’s accounting process.