BMW 2015 Annual Report Download - page 82
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82
18 COMBINED MANAGEMENT REPORT
18
General Information on the
BMW
Group
18 Business Model
20 Management System
23 Report on Economic Position
23 General and Sector-specific
Environment
27 Overall Assessment by Management
27
Financial and Non-financial
Performance Indicators
29 Review of Operations
49 Results of Operations, Financial
Position and Net Assets
59 Comments on Financial Statements
of BMW AG
62 Events after the End of the
Reporting Period
63 Report on Outlook, Risks and
Opportunities
63 Outlook
68 Report on Risks and Opportunities
81 Internal Control System and Risk
Management System Relevant for
the
Financial Reporting Process
83 Disclosures Relevant for Takeovers
and Explanatory Comments
87
BMW Stock and Capital Markets
and Group financial reporting processes are clearly de-
fined and allocated to the relevant managers and are
subject to internal audits (e. g. management self-audits,
internal audit department findings). Data analysis tools
are also employed to identify risks relating to business
transactions. Continuous revision and further develop-
ment ensures the effectiveness of the internal control
system. Group entities are required to confirm regularly
as part of their reporting duties that the internal
con-
trol system is functioning properly. Effective measures
are implemented whenever weaknesses are identified
and reported.