- Further development of our Risk Culture Framework
- Improvements to the Reputational Risk Framework
- Employee training rolled out for ES risk management
Managing risks is part of our business model. As we lay out in our values, we are committed to doing what is right, not only what is legally allowed. Thus, we consider risks that go beyond the traditional financial risks intrinsic to our business, including potential environmental and social risks that could arise from our core businesses.
How we do it
Our Risk Culture program see chapter Risk culture continues to reinforce the importance of responsible employee behavior by highlighting five expected behaviors. Training in this has been mandatory for all employees since 2010, while Red Flags provide a link between risk-related conduct and performance management.
For this corporate responsibility report, we focus on environmental and social (ES) impacts, which may pose a risk to our financial performance and reputation. We define sectors that are particularly sensitive to ES risk but each case is reviewed on an individual basis, as ES risks are varied and complex. See chapter ES risks
We continued to follow developments around the implementation of the UN Guiding Principles on Business and Human Rights (UNGP HR). Our interactions with our stakeholders indicated that the greatest risk of human rights abuses are within our client and vendor relationships. To this end, we have integrated human rights risks into the due diligence process of our group-wide Environmental and Social (ES) Policy Framework.
Going forward, we will continue to strengthen risk culture and to work with our stakeholders to observe societal trends and discuss their implications for the financial sector. See chapter Stakeholder dialog