Companies throughout the world increasingly have to contend with the threat of fraud. It can take many forms, ranging from straight loss of assets (e.g. due to theft, fraud or embezzlement) to corruption (e.g. bribery) and manipulation of accounts (e.g. deliberate understatement of reserves). The risk of falling victim to fraud increases with a company’s size and the complexity of its organisation, processes, systems and products. The financial loss for a company can be considerable, and the consequences for its reputation devastating.
Total protection against crime is not possible, but much can be done to reduce the risk. In ERGO’s Code of Conduct, the Board of Management sets out the main rules and principles for lawful and responsible behaviour by legal representatives, managers and all other employees. As a complement to the Code of Conduct, the Anti-Fraud-Management Directive lays down rules and principles aimed at ensuring that ERGO Group companies have appropriate and effective systems in place for preventing, detecting and reacting to fraudulent activity.
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