Combatting corruption concerns us all
The risk of falling victim to corruption increases with a company's size and the rising complexity of its structures and workflow. The financial loss and consequences can be devastating for the company's reputation. Munich Re is resolutely countering this risk with an effective system.
Corruption manifests itself in many different forms. Although there is no complete protection, much can be done to reduce the risks.
A holistic approach in combatting corruption as well as comprehensive prevention is of central importance. For this reason Munich Re has assigned these Group-level tasks to Group Compliance and Legal, which underlines the importance of the matter and creates the basis for a stringent procedure across the Group. The Munich Re (Group) Code of Conduct and our "Guideline for prevention of corruption" contains minimum requirements to be observed by all Group companies. A coordination process with Group Compliance and Legal ensures compliance with the minimum requirements, but – depending on the risk situation and observance of local regulations – allows a certain degree of freedom in designing the measures.
Explicit specifications for the behavior of employees in handling transactions are included in the measures. Clearly defined processes and responsibilities, effective checks which also monitor the management’s role model function as well as trainings are increasing the employees' awareness that every individual can make a contribution to prevent corruption.
In addition to the direct supervisor, employees also have access to contacts in Group Compliance and Legal in the event of anomalies/suspicions.
Electronic Whistleblowing Portal
Measures to uncover suspicious circumstances
Specially trained staff members in Group Compliance and Legal conduct appropriate investigations in the event of concrete suspicion of fraudulent activity. A confirmed suspicion always entails consequences. Munich Re tolerates no fraudulent activity, and takes action based on industrial, criminal and/or civil law, depending on the individual case.
The combatting of fraudulent activities and the enhancement of an effective system have uppermost priority at Munich Re. Our system is thus subjected to continual monitoring, and to ongoing development on the basis of the latest findings and trends.