As a fast-growing global entrepreneurial company, we must find the right balance of Risk Management. It is both firm and flexible to support our agility and dynamism.
Our Risk Management methodology (please refer to the illustration below) is based on a continuous improvement approach and reflects our mission, vision, and culture of CM.com.
It is based on a 4-point scale (low, moderate, substantial, and high), contains the steps ‘identify’, ‘assess’, ‘mitigate’, ‘monitor’ and ‘report’ and it consists of the three following management viewpoints ➡
The risks with 'ICE' (Internal Control Environment) classification must be visibly controlled and requires the involvement of Risk & Compliance.
The monitoring of risks with 'AMR' (Actively Managed Risks) classification are embedded in the 1st line and monitored via direct management involvement.
Gross risks with a score of ‘low’ are currently within the risk appetite of CM.com by default.
Jorg Voeten - Head of Risk & Compliance: I believe that risk management empowers the entire CM.com organization to realize the objective of sustainable profitable growth by being a business partner in the area of risk management and compliance.
In addition, we pay extra attention to fraud, which we see as an inherent part of our risk management methodology. This concerns both internal and external fraud, of which both will not be tolerated. The term fraud is used to describe offenses such as, but not limited to, deception, bribery, forgery, extortion, corruption, theft, conspiracy, embezzlement, misappropriation, false representation, concealment of material facts, and collusion. For external fraud, which includes fraud with the use of our products, you can think of smishing or money laundering. CM.com has multiple teams and automated tools working to prevent, detect and respond to these types of fraud.
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