The Acts on Finnvera define the tasks whereby Finnvera influences the development of enterprise and employment in Finland. Financing is grounded in the Acts and Decrees on Finnvera, international agreements and EU legislation, the Government’s commitment to compensate for some guarantee and credit losses, and in the credit and guarantee policy confirmed by Finnvera’s Board of Directors.
Every fourth year, the Ministry of Employment and the Economy sets goals for Finnvera. These apply to issues such as the focus of operations, the impact and efficiency of operations, and capital adequacy.
Finnvera carries out its operations in accordance with the service practices defined for client segments and the ISO 9001 certified operating system. The operating system and its effectiveness are evaluated on a regular basis using both internal and external audits. The observations made during the audits help Finnvera to develop the operating system continuously and to address any anomalies.
Mission, values, and vision
Finnvera’s task is, by means of financing, to promote the internationalisation and exports of enterprises, correct the deficiencies in financing services, and contribute to regional development in Finland.
Our values are trust, partnership, and a focus on solutions. The values describe our task and client promise: Through our know-how and active approach, we help our clients to succeed.
Our vision is:
Our clients’ success strengthens the Finnish economy.
Our strategy is spearheaded by impact
Finnvera’s strategy is updated annually. Due to the exceptional situation caused by the coronavirus, Finnvera introduced a short-term strategy covering the years 2020-2021.
Under normal circumstances, our strategic goal is to focus the majority of our financing on growing and internationalising companies, investments, changes of ownership and exports. In the corona situation, we have expanded the targeting of funding to help all viable companies overcome the crisis.
The longer-term strategy still exists in the background, and the strategy extends until 2023. Its priorities are:
For us, impact means that our financing helps clients generate and obtain turnover, financial profit and jobs that would not have been possible otherwise. We seek new ways to measure impact better.
Financing and controlled risk-taking are our most important ways of achieving impact. We complement deficiencies in the financial markets. International competitiveness means that we maintain our performance and services on a par with our key competitor countries. We target our financing to projects and situations which have a considerable impact on and are needed in the national economy.
Digitalisation shapes the financial sector. We develop services for clients, streamline our operations and link to the systems of our partners.
Customer experience – We help our clients effectively through straightforward financing products, predictability and guidance.
Competent personnel – Work is changed by digitalisation and the changing operating environment. We focus on continuous development of personnel.
Partnerships – We partner with private providers of financing and the Team Finland network in order to seek solutions for clients. We use partnerships in the development of our services and operations.
Corporate responsibility is the cornerstone of our strategy. Our operations are self-sustainable and our risk management is systematic. We, and the projects we finance, are responsible with regard to the environment and people.
Our strategic goals are
- Our financing solutions help to establish, grow, renew and internationalise enterprises. We guide this process by means of a credit and guarantee policy that is reviewed annually.
- Start-ups, growing and internationalising enterprises, transfers of ownership and investments account for 80 per cent of SME financing.
- We effectively use the financial instruments provided by the EU.
- In risk-taking and pricing of export financing, we are on a par with the key competitor countries. We aim to provide excellent customer experience through industry expertise and predictability. We act responsibly in accordance with our policies concerning environmental and social risks.
- The number of enterprises (including private services) that use export financing services is on the increase.
- Our clients benefit from our national and international networks.
- We ensure clear and efficient processes based on client needs in order to digitalise internal operations and connect with the systems used by our partners.
- We recognise changes in market failure and regulation and contribute to better functionality of the financial markets.
How Finnvera creates value
Finnvera’s operations are described in the value creation model which provides information about the company’s most significant resources, business model and strategic foundation, and describes the key impacts of the company’s operations on the surrounding society.
Constant strategy work
With continuous strategy work, Finnvera seeks to ensure agile renewal.
The process starts early in the year, when the Board of Directors reviews the attainment of the goals set for the previous year and discusses new goals. The background information needed for the work is obtained by examining the goals set by the owner, by analysing the operating environment, by conducting inquiries among clients and the personnel, by reviewing clients’ expectations, and by monitoring competitors’ activities.
The outline prepared by the Board of Directors for the coming strategy in May serves as the basis for the strategy proposal that the Management Group submits to the Board. The Board confirms the strategy in September.
The business and support units then prepare their own annual goals, which are specified in autumn, during annual planning and budgeting, and are approved by the Management Group. Finnvera’s Board of Directors confirms the annual goals and the budget in December.