VIG Management Service
As a pioneer in the insurance business in Central and Eastern Europe (CEE), the Vienna Insurance Group has blazed a new trail and has thus successfully positioned itself in 25 countries. By offering innovative products, local Group companies provide insurance solutions that are in line with the needs of the people. Clearly formulated goals and a consistent implementation of this strategy have transformed the Vienna Insurance Group into one of the top players in CEE.
CSR in Core business
Two years ago, VIG began increasing its sustainability activities at the strategic level. The process started with a materiality analysis that allowed her to identify the CSR topics that the stakeholders and management felt should be top priority. These findings were incorporated in the new sustainability strategy in reporting year 2017. The CSR strategy is divided into five core areas:
- CSR in Core business
CSR in core business covers a wide range of aspects; from the Code of Conduct and risk management to partnerships and investment, CSR principles are anchored in all core processes.
The core business of VIG has always required being able to satisfies all of the future commitments we make to customers today, to take responsibility and to think in terms of and for generations. Foresightedness and profitable growth are the basic requirements for the long-term stability of the Group. In addition, economic goals should also be aligned with social and environmental aspects.
The focus is on the following areas:
- manage forward-looking long-term growth and financial stability
- include social, environmental and governance factors in the general business and risk strategy
- integrate environmental concerns, social concerns and human rights in the investment process
- comply with applicable legal and regulatory requirements and self-imposed internal requirements (e.g. Code of Business Ethics) and prevent corruption and bribery
The measures and responsibilities are defined and assigned as follows:
- combine economic objectives with social and environmental factors and integrate them in core business processes (Management)
- internally examine and discuss how non-financial factors can be included in the investment process (Asset Management)
- continuously improve the compliance management system, e.g. using workshops and trainings (Compliance)
- increase knowledge about CSR topics and keep track of current developments in the area of sustainability (CSR Officer)
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