Regulatory risks relate not only to general laws and regulations on business operations and taxes in each market, but also to Skanska's internal rules.
Typical regulatory risks within the Group
There are five major regulatory risks, such as:
- Change in law
- Compliance with laws and regulations relating to ethics, safety, environment, sustainability, and human resources.
- Compliance with laws and regulations relating to financial reporting and taxes.
- Compliance with internal rules and procedures.
- Management of contracts and agreements.
The Group's Legal Affairs unit has overall responsibility for operations being conducted in accordance with current laws and regulations. At the same time, the primary responsibility for operations being conducted properly lies with the local business units, all of which have their own legal expertise. Tax experts advise on tax issues. Skanska Financial Services and the Group function Reporting have the overall responsibility for compliance with financial and reporting principles.