We have laid the foundations of our risk culture in our Risk Appetite Framework. This framework represents a holistic approach comprising guidelines, processes, controls and systems, whilst at the same time describing our values and behaviours. The requirements contained within are binding for all employees and have a direct impact on their responsibilities, goals and objectives. It ties risk culture to strategic planning, ongoing risk measurement and monitoring, as well as to defined risk strategies.
This framework is supplemented by the respective division- and task-specific provisions of the Written Set of Procedural Rules (SFO) as well as by our Code of Conduct.
In our recently revised Code of Conduct, which will be introduced Group-wide in 2019, we provide our employees, members of our executive bodies and employees of our sub-contractors with guidelines and advice on how to behave in certain situations. We require our business partners to also behave according to these principles. The Code of Conduct defines our fundamental understanding of working together and contains statements on our corporate responsibility, our fair employment relationships and conditions, as well as our social responsibility. It is inspired by international conventions and guidelines as the Universal Declaration of Human Rights, the International Labour Organisation (ILO) conventions and the United Nations Global Compact. It therefore forms a pivotal document in our corporate culture and translates our values and principles into concrete behaviour guidelines, whilst taking into account the importance of appropriate risk management.