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Control functions

Bluestep has several internal control functions to handle risk, compliance and auditing. These groups work to support the Board and Chief Executive Officer to help ensure that Bluestep is run in accordance with applicable law and regulations as well as company policies and instructions.

Risk

The risk function is independent from the business and is responsible for identifying, measuring, analysing and controlling the company’s risks. The work is led by a Risk Manager, who is appointed by the Chief Executive Officer after approval by the Board. The Risk Manager’s operations are guided by a policy adopted by the Board and the Risk Manager reports at least monthly to the Board and Chief Executive Officer. The Risk Manager is also the Chairman of the Company’s Risk and Compliance Committee.


Compliance

The Company’s Compliance Department is independent from the business whilst being a support function for the business. The Compliance Department works proactively with quality regarding regulatory compliance in the company through providing information, advice, and supervision and monitoring of compliance areas, thereby supporting the business and management. The work is led by a Compliance Manager who is appointed by the Chief Executive Officer after approval by the Board. The Compliance Manager reports at least monthly to the Chief Executive Officer and Board. As a result of analysis of the company’s risks in this area, the Board sets an annual Compliance Plan. The Board has established a policy for the Compliance function. The Compliance Manager is also the Chairman of the Company’s New Product and Process Approval Committee.


Internal audit

Bluestep’s Internal Audit is an independent function, directly subordinated to the Board. Internal Audit is primarily responsible for providing the Board and the Chief Executive Officer reliable and objective evaluation of risk management, compliance, internal control and governance processes in order to reduce the occurrence of risks and improving the control structure within the company. The function, which currently is outsourced to KPMG, reports to the Board and informs the Chief Executive Officer regularly about internal matters. The Board adopts an annual plan for Internal Audit and the Board has established a policy for the function.

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