Risk management
Purpose and objectives of risk management at Terveystalo.
Risk management is part of Terveystalo’s management system. The Company applies a risk management policy adopted by the Board of Directors. The purpose of risk management is to ensure fulfilment of the customer promise, patient and occupational safety, quality of services, financial performance, business continuity, a good company image, and corporate social responsibility.
Risk management is an integral part of the planning processes as well as monitoring and reporting routines in Terveystalo Group. It is implemented in the day-to-day management and activities at all levels of the organization. Risk management must be consistent and commensurable. It is important to understand the causes and consequences of risks and to ensure that the risk management measures are correct and properly targeted.
Goals of the risk management:
- Ensuring business continuity
- Ensuring the achievement of strategic and operative objectives
- Managing risks associated with financial transactions
- Supporting decision-making
- Ensuring top quality care and patient safety
- Ensuring the employees’ expertise and occupational safety
- Avoiding operational risks and risks of damage and minimizing the damages if a risk is realized
- Improving risk awareness within the organization
- Identifying the opportunities associated with risk-taking, improving risk tolerance
- Identifying development opportunities within the organization
- Gaining the trust of external and internal stakeholders
Terveystalo strives to proactively identify, analyze and manage major risks. Risk management is an integral part of management. It contributes to strategic development, helps managers make informed choices, puts measures in priority order, takes into account opportunities, uncertainties, and their effects, and distinguishes between alternative approaches.
Risk management responsibilities
| Responsible party | Range of responsibility |
| Terveystalo’s Board of Directors | Responsible for risk management and its adequacy, approves the risk management policy. |
| CEO | Is responsible for organizing the group's risk management. |
| Executive Team | Supports the CEO in implementing the risk management system, monitoring operational risks, assessing risks and implementing measures related to risks. |
| Chief Medical Officer | Responsible for managing medical and patient safety risks and for the self-assessment plan. |
| Chief Financial Officer | Responsible for managing economic and financial risks. Responsible for risk management as director of risk management in addition to his own role. |
| SVPs of business activities and customer relationships | Responsible for managing business-related risks, making use of opportunities, ensuring operational quality and implementing the self-assessment plan within their own fields of responsibility. |
| SVP Legal | Responsible for good management practices and legal affairs. |
| SVP Human Resources | Responsible for personnel related matters. |
| SVP, Communications | Responsible for risks associated with the company's reputation. |
| Chief Digital Officer | Responsible for ensuring the functionality of telecommunications networks and systems. |
Risk management process
Risks are assessed on all levels of Terveystalo Group’s organization. Terveystalo identifies risks using performance indicators, market statistics, effectiveness information, customer feedback, register data, inspection reports and inquiries from the authorities, occupational safety risk surveys, incident information, audit results, and competitor information.