Novozymes’ management systems are set up to seek growth opportunities, while at the same time reducing risk and ensuring compliance with rules and regulations in the environmental, social, and financial areas.
At the top of Novozymes’ management system, Touch the World sets out the company’s vision, company idea, commitment, and values. It outlines our philosophy and guides us in how we operate and behave as a responsible corporate citizen. By acting in accordance with these principles, we encourage the right behavior and thereby reduce the risk of misconduct. To ensure that the company lives up to the values in Touch the World, an organizational performance process is conducted annually to assess the impact of each business unit’s work to support and uphold the principles in Touch the World. Furthermore, Novozymes has set a target for 2012 to measure our ability to live Touch the World throughout the organization.
Our business integrity principles are an example of how the desired behavior is encouraged in the organization. The principles will continue to evolve and adapt to a changing world, and in 2011 they were updated to ensure they remain at the forefront of best practice and to ensure compliance with the UK Bribery Act. Our business integrity principles can be found at www.novozymes.com.
Ensuring the right behavior internally is risk mitigating in itself, but as risks are often related to external factors, the process of identifying and managing risk is integrated into Novozymes’ management systems at all levels. We define risks as “events or tendencies that can prevent the company from achieving its overall targets – including financial, environmental, and social targets – or negatively affect our image or our future results and activities.” Novozymes strives to identify risks as early as possible and, once they have been identified, to act and follow up on them.
Risks can also be related to internal procedures, such as errors leading to the misstatement of information, malfunctioning of products, etc. Novozymes strives to minimize these procedural risks through the extensive use of quality management systems and ISO certifications. These systems include general policies and standards, as well as detailed control and action requirements covering both global procedures and specific requirements dependent on location, business area, and function.
To ensure compliance with the requirements of quality management systems, a large number of internal quality audits are performed. The results of these audits are distributed to relevant management levels.