Our Sustainable Business Risk Framework
With our Sustainable Business 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 Sustainable Business 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 Sustainable Business Risk Framework
The Sustainable Business 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 Sustainable Business Risk (SBR) process comprising a sustainable business risk rating in a semi-automated assessment and referral tool – due-diligence mechanisms to assess our business transactions
- Company exclusions and sector exclusions in specified countries
- Dialogue with clients and industry partners