Compliance

Compliance

Our company’s compliance, anti-bribery and corruption policy and procedures include measures and guidance to assess risks, understand relevant laws and report concerns. They apply to all our activities and subsidiaries. Appropriate training is focused on the needs of employees in locations or roles assessed to be at a higher risk of bribery and corruption. To prevent relevant counterparty risks, including corruption and money laundering practices, both new and existing business partners are routinely and repeatedly subject to a standardized and multidimensional KYC check. In addition to creditworthiness, beneficial owners of a respective business partner are identified and external information about counterparties and their key personnel is obtained. Established KYC processes ensure the identification of politically exposed persons. Current sanctions lists are continuously monitored and taken into consideration. The company is regularly advised and supported by external experts in this regard. When appropriate, we put in place a risk mitigation plan and will choose not to work with counterparties or reject tenders if we conclude that these entail unnecessary risks. We also conduct anti-bribery compliance audits on selected suppliers when contracts are in place. Risk management and the management board closely monitor adherence to the compliance and on-boarding processes. Since 2020, the management board reports on adherence to compliance guidelines and other regulations to the Advisory Board.