Business Ethics
AXA adopted its Compliance and Ethics Guide in 2008. The guide defines rules for professional conduct, covers a variety of matters including specific rules concerning conflicts of interest, transactions involving AXA securities, fighting against money laundering, confidentiality and control of sensitive information and data protection and storage.
AXA Greece has developed ethical guidelines complying with the local regulatory and statutory requirements.
AXA is firmly committed to combating money laundering and terrorist financing. This commitment is enshrined in a charter first drawn up in 2002, which was approved by the management and supervisory board of the Group. In line with this charter, each country, such as Greece, is required to introduce procedures based on certain general principles, on top of applicable local regulations, and to appoint an anti-money laundering officer. The Group Charter is reviewed and adjusted on a regular basis by taking into account international legal and regulatory developments.
The role of Internal Control
The role of internal control is to provide independent and objective certainty related to the completeness and effectiveness of internal audit and proposals for the improvement of risk management and performance and the detection of business opportunities.
The Internal Control, along with the board of director, is one of the corner stones of corporate governance of high management and external audit. Due to the unique position of the Internal Audit in the company, the Internal Audit provides the management and auditory committee valuable help objectively ensuring governance, risk management and control procedures.
Policy Fraud Audit
AXA is a world leader in financial protection and wealth management and is committed to conducting its business according to the highest standards of honesty and fairness. This commitment to observing the highest ethical standards is designed not only to ensure compliance with applicable laws and regulations but also to earning and keeping the trust of our customers, shareholders, personnel and business partners.
AXA is committed to fraud control with an emphasis on proactive prevention and detection measures in an effort to reduce opportunities which could lead to fraud. The Group’s approach to fraud control focuses on maintaining a legal and ethical climate which encourages all stakeholders to protect the Company’s assets and address any suspicion of fraud.
This policy is intended to establish certain minimum requirements at a Group level and guiding principles for all AXA companies. Local policies on fraud applied in AXA worldwide can include only certain aspects of the Group’s policy but cannot restrict their field of application unless such restrictions arise from the local laws and regulations.
AXA has a zero tolerance to fraud and must prove its approach for achieving the culture of zero tolerance.
When a fraud is detected, suspected or alleged, AXA will fully investigate the matter and implement measures (e.g. containment of the area under investigation, sanction, police/judicial claim…) to recover and minimize any loss to the Group. Loss may be financial, reputational or regulatory. AXA also considers fraudulent all intentional wrongdoings intended at causing a loss to AXA but detected before the occurrence of such loss. Internal controls will be reviewed in the light of frauds to reinforce mitigation measures.
Business Continuity Management
The Business Continuity Management plan is applied to deal with a serious crisis that could potentially interrupt the Company’s business operation. The Company, understanding its significance, should asses the potential impacts for each operational risk that could interrupt the corresponding operational processes and decide on taking measures that would lead to their mitigation to an acceptable level.
The Business Continuity plan aims at minimizing the impacts that will arise from an incident of major or minor importance in one or more critical operational processes, both in human resources and material resources. It determines all required processes so that the Company can continue its operation, as well as reserve solutions, procedures of addressing emergencies and the corresponding organizational matters.
The business continuity management team of the AXA Group provides the Company with the suitable methodology, the procedures, all necessary resources and a continuous training program and coordination of all involved parties. In order to ensure the active participation of the management, the maturity level of the business continuity plan of each Company of the Group is included in its target setting.