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Internal control and risk management The systems for internal control and risk management of financial reporting are designed to provide reasonable assurance about the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles, applicable laws and regulations, and other requirements for listed companies. The internal control and risk management activities are included in Nordea’s planning and resource allocation processes. Internal control and risk management of financial reporting at Nordea can be described in accordance with the COSO Framework as follows below. The control environment constitutes the basis for Nordea’s internal control and centres around the culture and values established by the Board and Group Leadership Team, and the organisational structure, with clear roles and responsibilities.

Board risk committeeGroup valuation committeeGroup board directive on internal governanceGroup leadership teamGroup internal auditGroup complianceBoard audit committeeGroup risk complianceGroup accounting manualSustainability committeeNordea groupGroup board directiveInternal governanceGroup riskInternal controlFinancial reporting