Compliance at ERGO

“Compliance” means abiding by any applicable laws or corporate rules and principles.

The Compliance Management System at ERGO pursues a number of aims:

  • To ensure the observance of statutory and internal regulations as well as those imposed by regulatory authorities which are relevant to our business
  • To avoid risks pertaining to liability, criminal punishment and to our Company’s reputation, its governing bodies (e.g. Management Boards, Supervisory Boards) and employees, and
  • To protect customers’ interests.

ERGO’s Compliance Management System is controlled by the compliance unit (ERGO Compliance). The Chief Compliance Officer reports directly to the responsible member of the Board of Management of ERGO Group AG.

ERGO Compliance Management System

The duties of the ERGO Compliance unit include:

1. Systematic identification and analysis of relevant risks;
2. Defining and continuously improving corporate compliance rules and guidelines;
3. Informing, training and advising members of the Management Boards, staff and sales partners;
4. Monitoring that regulations are adhered to and identifying breaches.

ERGO Compliance performs these tasks for ERGO Group AG, its German insurance and insurance holding companies and other companies in Germany. In addition, ERGO Compliance liaises closely with the other domestic companies and the compliance units of the subsidiaries abroad as well as the compliance team of our parent company Munich Re on compliance issues relevant to the Group as a whole.

Duties ERGO Compliance

Risk analysis

The core of the Compliance Management System is a systematic and comprehensive risk analysis.The results create the basis for the activities of ERGO Compliance.

ERGO Compliance assesses the relevant risks in the individual business segments accord-ing to a uniform method and involves the respective experts and persons in charge in the company.

The risk analysis comprises the following steps and is carried out at least once a year and also ad hoc if required. The Board of Management of ERGO Group AG and the managers of the respective companies are regularly informed of the results and any significant changes. 

Rules and guidelines

Adhering to laws and regulations in the respective countries is, of course, a natural obligation for all employees, as well as abiding by corporate standards. This is the only way to avoid economic risks as well as liability and reputational risks for ERGO in the long term.

One of the most important rules is the Munich Re (Group)  Code of Conduct for staff, which states requirements for ethical behaviour of employees, senior executives and management, and is updated regularly. 

ERGO also has its own code of conduct for independent sales partners in Germany. This sets out the major principles of collaboration and the common understanding of how to deal with customers and sales agents.

Internal corporate rules and regulations for various topics, such as a guideline for the tendering, planning, procuring and organizing incentives for office staff and sales forces, are also added. These ERGO Guidelines are reviewed regularly and updated where necessary.

  • The Code of Conduct of the German Insurance Association for the Sale of Insurance Products (GDV Code of Conduct) focuses on the interests of customers and the quality of customer advice. ERGO also aims to provide customers with the best possible and individual advice. ERGO therefore regards the GDV Code of Conduct as the basis for collaboration with business partners and sales agents and has joined the Code against this background. ERGO has the implemented system for compliance with the GDV Code of Conduct for the sale of insurance products regularly reviewed by an external auditor.
  • With regard to purchasing, we expect our suppliers to comply with our comprehensive Supplier Code of Conduct with defined principles for the protection of human rights and environmental protection. You can find more information on all requirements for suppliers on our website: ERGO Business Partner

Information, training and advice

Mandatory training for all staff, e.g. on Munich Re's Code of Conduct, regularly raises awareness of compliance issues.

Target-group-oriented trainings, such as on insurance antitrust law, supplements the general training. Formats and contents are regularly reviewed and adapted and updated as necessary.

Compliance advises and supports on an ongoing basis with regard to the implementa-tion of compliance standards as well as in ad hoc cases.

Identication and handling of breaches

Violations of statutory provisions or Code of Conduct rules and internal guidelines are not tolerated at ERGO, they are investigated and sanctioned appropriately. Each incident is individually assessed and sanctioned depending on the extent of the infringement. Checks are also carried out as to whether guidelines or processes in the Company need to be changed.

Violations are identified in a variety of ways. Apart from regular enquiries employees who wish to report an infringement of laws or other set of rules and regulations can contact the responsible Compliance units confidentially. This applies to the employees of all companies, both domestically and internationally. Information can also be submitted via the ERGO whistleblower system, which protects the anonymity of whistleblowers to the highest standards if they do not wish to reveal their identity.

Employees who do not wish to contact Compliance directly can also contact an independent external ombudsman, who is also obliged to maintain strict confidentiality.

ERGO Whistleblowing Portal

Provide an indication of violations of laws or rules of the Munich Re (Group) Code of Conduct.

Learn more