Control activities

The Group has overarching control activities that are shared by several processes. Continuous work is done to evaluate, improve and document control activities in all significant processes. Control activities associated with financial reporting are performed on several levels. Group-level rules are in place for internal accounting principles, planning and monitoring processes, and reporting routines. The central accounting department is responsible for updating the bank’s accounting instructions and for communicating and making them available to reporting units.

To ensure the correct application of the bank’s accounting rules, finance managers regularly meet with local accounting managers, at which time current accounting and reporting issues are addressed as well. Swedbank has a central valuation group whose purpose is to ensure the consistent and accurate valuation of assets and liabilities at fair value. Local and central controller and accounting departments perform controls mainly through reconciliations between sub-ledgers and ledgers, through routines to ensure the existence of assets and liabilities and that assets, liabilities and business transactions have been correctly recorded. Analyses of financial results against budgeted figures are presented monthly to Swedbank’s management.