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Governance Structure

Internal control system

The second line of defense also comprises the Schaeffler Group’s internal control system. The internal control system consists of technological and organizational arrangements and controls that have been systematically designed to ensure compliance with guidelines and to prevent loss or damage that may be caused by the company’s employees or by third parties. Controls can be performed both process-dependent or independently of the process. The Schaeffler Group’s internal control system is based on the COSO model and consists of the following components: Control environment, risk assessment, control activities, information and communication, and monitoring. It is focused on financial reporting and represents the arrangements and controls ensuring that the consolidated financial statements are prepared in accordance with financial reporting standards and ensuring accurate external financial reporting.

For further details on the internal control system see “Report on opportunities and risks” .

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