Managing agent’s report: (cont’d)Corporate and Social Responsibility
Our success is anchored by our culture of ethics and compliance. The Board recognises the pivotal role it plays in promoting ethical standards and integrity in the conduct of our business and is committed to maintaining a reputation for high standards of business conduct.
Arch Group maintains a Code of Business Conduct (the “Code of Conduct”) which sets expectations and provides guidance to our employees in key areas, including honest and fair dealing, anti-bribery and corruption, potential conflicts of interest, gifts, safety, harassment and discrimination prevention, antitrust and competition and document retention. The Code of Conduct applies to all employees, directors and officers within Arch Group, including the Syndicate, and is reviewed regularly to remain current with changing laws, regulations and industry best practices. To reinforce our commitment to these standards, the Syndicate provides training to all employees on the Code of Conduct and makes other resources available, including a 24-hour ethics hotline.
The Syndicate is committed to providing equal opportunities to all employees and prospective employees in every facet of its operations. Our employment related decisions are made solely on the basis of the individual’s job qualifications and performance and without regard to race, colour, religion, creed, sex, national origin, ancestry, disability, age, genetic information, citizenship status, pregnancy, gender identity or expression, affectional or sexual orientation, atypical cellular or blood trait, marital status, veteran status, membership in the armed services, political affiliation, or any other characteristic protected by applicable law.
Our success also depends on developing our employees so they can grow with the Syndicate. We provide high calibre learning and engagement programs to foster meaningful career development for all employees and encourage employees to execute a personal development plan with their managers.
The Syndicate operates within agreed business conduct guidelines and is focused on customer led outcomes. This includes ensuring products and services, price and value, consumer understanding and consumer support are at the core of our business strategy.
Risk management strategy and risk appetite
The Managing Agent’s Board is responsible for the Syndicate’s Risk Strategy ensuring there is an appropriate and effective framework for managing and overseeing the risks facing the business. The Risk Strategy operates in parallel with its business strategy and to achieve its strategy, the Syndicate:
•Seeks out ‘core’ risks with favourable risk / return characteristics which are assumed subject to stated limits.
•Is exposed to other ‘non-core’ risks as a by-product of executing this strategy, which are controlled to an acceptable level subject to the cost of mitigation.
Syndicate’s Risk Strategy is to only take risks that are consistent, controlled, understood and profitable.
Risk appetites are an integral part of the Syndicate’s Risk Management Framework as they reflect the amount of risk the Syndicate is willing to accept in the pursuit of its strategic objectives. They provide overarching parameters to the business, agreed by the Board, and establish targets for, and limits on, the amount of risk that should be accepted.