Swedbank gets award for risk reporting14-10-2011
Swedbank has been named as the Swedish company that most clearly reports its risks. At Ernst & Young's annual risk conference in Stockholm Friday 14 October, Swedbank was presented with the Risk Transparency Award.
Since 2005, Ernst & Young has presented the Risk Transparency Award each year to a company that is best at risk exposure transparency and best at risk management presentation in its annual report.
The reasons given were that Swedbank "has penned a very structured, balanced and informative description of the company's risks, risk exposure and risk management mechanisms" and that the bank "in an exemplary manner has communicated the role of risk management in both ongoing operational business activities and in the attainment of the company's strategic goals."
Göran Bronner, Swedbank's CFO – who was head of Group Risk in 2010 – received the award on behalf of Swedbank. Michael Wolf, President and CEO commented that:
"Risk management is a crucial area where openness is a very important component of risk reporting, not least in the light of the current 'debt storm'. We are both humbled and pleased to receive this award. I consider the Risk Transparency Award as proof that we are on the right track."
The Risk Transparency Award is based on an independent assessment of Swedish listed companies' annual reports. Areas assessed include accessibility, procedures, link between strategy and goals, and how successfully the various risk factors are described.
"One of our primary goals has been – and remains – to be very open about how we view risks and clearly show our way of dealing with these issues," Michael Wolf continued.
Jan Birgerson, CEO of Ernst & Young AB, pointed out that when making investment decisions, good analysis of a company's risks can be more important than information about its track record and business model.
"I would like to congratulate Swedbank on communicating its risks in a transparent and clear manner in its annual report," said Jan Birgerson.
Jan Birgerson, CEO of Ernst & Young AB, comments on the award below.