Compliance

Compliance

What does compliance actually mean?

What does compliance actually mean?

Compliance can basically be defined as the adherence to legal and regulatory requirements. It includes a system for preventing reputational damage and financial losses.

Various processes within the company constitute the preventive system and the identification of instances of non-compliance.

Firstly, compliance is an integral element of the internal control system and it is assessed throughout the group every six months. The Corporate Executive Committee and also the Board of Directors are notified of the assessment by means of reporting, making it possible for them to play a guiding role. This complies with the organisational duty of care laid down by law for senior management that requires suitable arrangements to be put in place in the area of organisation, information and control.

Secondly, intensive training in individual compliance matters is provided in all the departments concerned, using both e-learning and classroom-based training courses.

In the event of non-compliance, an anonymous internal reporting channel known as the ‘integrity line’ is available. Regular internal audits of compliance matters are also carried out.

Portrait Peter Kalberer

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Peter Kalberer

Head of Group Compliance. He joined the Baloise Group in 2002. 

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Does compliance only consist of meeting statutory requirements?

In the first instance, the company must ensure that it is organised and staffed so that laws, ordinances, regulations, circulars, professional standards and internal instructions are obeyed. However, ethical standards such as honesty, fairness, transparency, propriety and trust, that also extend to customer relationships, are also absolutely crucial. 

Ethical conduct arises from corporate culture and could be said to be embedded in our employees’ DNA. This is the only way for our conduct to provide security every single day and it is also why minimum legal and ethical standards are enshrined in our Baloise code of conduct.

«Examples of individual risks that are assigned to compliance»

  • Data protection
  • Money laundering
  • Fraud
  • Corruption

How does compliance contribute to a company’s success?

The growth of a successful company is the result of relentless focus and constant efforts to move forward. Compliance creates added value because prevention and control result in risk-based management and governance. Furthermore, when corporate culture and the implementation of legal and ethical requirements go hand in hand, compliance works to its full extent and the company is successful.

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