Financial responsibility

Sustainable finances

Financial responsibility comes under the UN Sustainable Development Goal of peace, justice and strong institutions (16).

The PRH has set itself the following financial responsibility objectives:

Societal impact
PRH makes its investments and purchases and uses its funds in accordance with the best interest of society
Proactive measures are taken to reduce the risk of misconduct.

Financial responsibility at the PRH means sustainable use of funds, compliance with the law and up-to-date register data, and thus providing our customers, companies, organisations and Finnish society at large with maximum customer value.

Our financial situation has remained stable

Our financial situation remained stable and the PRH achieved most of the financial targets for 2023 agreed between the agency and the Ministry of Economic Affairs and Employment. However, expenditure and investment needs are increasing due to the maintenance and renewal of essential information systems.

Read more about our financial performance in our annual report.

Better coverage of the financial statements in the Trade Register

Coverage of the financial statements in the Trade Register has continuously improved. It is in the interest of society at large and the parties that need financial statements that as many companies as possible submit their financial statements to the Trade Register.

In 2023, a total of 96.2% of Finnish companies had submitted their financial statements to the register compared to 95.3% in 2022. In 2021, the figure was 89.8% and in 2020, 83.6%.

Risk management made part of all PRH operations

Progress was achieved in our comprehensive risk management and its development during 2023. The measures carried out included the introduction of a new risk management system. At the moment, all methods set out in the PRH’s risk management policy are used to manage the risks and the process is based on the objectives set for the PRH’s activities at its different levels.

We have also made efforts to link risk management more closely to key processes of operational management, steering and monitoring. The risk management reporting guidelines were approved in autumn 2023.

It is essential that we learn to identify uncertainties, prevent the risks associated with achieving our objectives and find effective methods to manage them.

Financially responsible procurement

During 2023, we took a number of measures to ensure better enforcement of sanctions in the procurement process.

The PRH updated its procurement guidelines and the guidelines on taking sanctions into account in the procurement process.

We introduced a tool to check compliance with sanctions in connection with purchases. All suppliers are checked before a contract is concluded or an order is placed. This ensures that the supplier is not subject to sanctions.

We started work to combat misconduct in accordance with the anti-corruption policy published by the Ministry of Finance. The aim is to raise the maturity level of anti-corruption work set out in the policy. In the first stage, we take measures to identify different forms of corruption. The work will continue in 2024.