Our Sustainability Risk Framework
With our Sustainability Risk Framework we have an advanced risk management instrument to identify, assess and tackle environmental and human rights risks.
In a market environment, profitable business activities create economic value. Occasionally, however, they may also adversely affect the environment and certain vulnerable groups, even though in compliance with all legal and regulatory requirements. If such impacts are ignored, the transactions may pose a threat to societies' long-term sustainable development.
A tailor-made tool to address sustainability risks
Our Sustainability Risk Framework is an advanced risk management instrument specifically designed to identify, assess and tackle potentially negative effects of our transactions on local communities, workforces and the environment. This framework applies to all of our business transactions in re/insurance as well as investments, to the extent that we can influence their various aspects.
The elements of our Sustainability Risk Framework
The Sustainability Risk Framework comprises the following elements:
- Two umbrella policies on human rights and environmental protection plus eight specific guidelines on sensitive sectors or issues
- The Sensitive Business Risk (SBR) process comprising an online assessment tool and a referral tool – due diligence mechanisms to assess our business transactions
- Company and country exclusions
- Dialogue with clients and industry partners