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Risk management and internal control

We aim to reduce the possibility of errors, wrong decisions and surprises due to unforeseen circumstances as much as possible. Comprehensiveness in this respect cannot be guaranteed. It can never be ruled out that we may be exposed to risks of which we are currently unaware, or which may not, or not yet, be considered important at this time. Furthermore, no risk management or internal control system can provide an absolute safeguard against failure to achieve corporate objectives, or against full prevention of any possible loss, fraud or breach of rules and regulations. To name one example, Schiphol is particularly susceptible to adverse weather conditions and other natural phenomena. Although we cannot prevent or influence such phenomena, we can ensure that their effects are kept to a minimum.

To ensure effective risk management and internal control, we use a range of coordinated instruments. Our risk management system identifies, analyses and monitors strategic, operational, financial and compliance-related risks. The line managers, who are responsible for the implementation of risk management, report on this topic twice a year to their immediate director, who in turn reports to the Risk Committee. 

The Management Board reports on and accounts for the risk management and internal control system to the Supervisory Board, following discussion in the Supervisory Board’s Audit Committee.

In light of the above, we believe that the risk management and internal control systems provide a reasonable degree of assurance concerning financial reporting risks, and that the financial reporting does not contain any material misstatements.

The Management Board declares that to its knowledge,

  • the financial statements give a true and fair view of the financial assets, liabilities, financial position and profits of Schiphol Group as well as the combined consolidated enterprises;
  • the Annual Report gives a true and fair view of the situation on the balance sheet date and of developments over the course of the financial year; and
  • the key risks facing Schiphol Group are described in this Annual Report.