Compliance risk is the risk of legal sanctions, financial losses or loss of reputation or credibility arising from a failure of PZU Group companies, their employees or entities acting on their behalf to comply with the law, internal regulations or standards of conduct, including ethical standards.
The demarcation of responsibilities with respect to systemic and ongoing compliance risk management is based on internal regulations.
Systemic management entails in particular: developing solutions for implementing compliance risk management principles, monitoring the compliance risk management process and promoting and monitoring compliance with internal regulations and standards of conduct in respect to compliance. Ongoing compliance risk management entails: identifying, assessing and measuring and adaptation to regulatory requirements.