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Compliance Department's function within the company's system of governance

Compliance Department of Zavarovalnica Triglav performs one of the key functions in the system of governance of the company and presents a part of the so-called Second line of defence in a three-level internal control system. Established in 2007, since 2015 the Compliance Function is organised as an independent department, responsible directly to the Management Board.

Tasks of the Compliance Department primarily include the control and management of risks, arising from regulatory compliance and compliance with the internal rules and policies of the company as well as monitoring and management of risks, arising from our business relationships. Zavarovalnica Triglav's Compliance department also plays a major role in striving for higher standards of business ethics and strenghtening the corporate culture of the company.

 

The goals of Compliance Department could be summed up as an implementation and management of a system:

  • through which the company can act preventively, to reduce its regulatory risks;
  • which encourages transparency and legality and promotes a fairness-oriented corporate culture, subsequently safeguarding the interests and preserving the trust of our stakeholders in line with our core values;
  • that enables the management to perform its due oversight and consequently, guards the company against liabilites stemming from regulatory and other non-compliance caused by employees or other persons acting on its behalf;
  • that implements uniform minimal standards of conduct in Triglav Group, which apply to all market transactions linked with the Triglav trademark.

 

Role of Compliance Department and its work areas

As a part of the company's second line of defense, the Compliance Department also has an advisory role regarding regulatory compliance and compliance with internal rules and policies in all business processes of the company. Furthermore, its role is to holistically manage certain key compliance areas, especially:

  • control over the processes of reporting to the supervisory authorities,
  • monitoring of changes in the legal environment,
  • personal data protection,
  • anti-money laundering and terrorist financing activities,
  • internal fraud prevention and detection activities,
  • conflict of interest prevention and management,
  • anti-corruption and
  • promoting and strenghtening corporate integrity .

 

Through the comprehensive management of compliance risks in the above mentioned areas, we strive to create conditions for a highly ethical and responsible business operation of the company in order to protect the interests of its stakeholders and minimize the losses that would be suffered by the company due to non-compliance of its employees, contractual partners or third parties acting on its behalf.

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