How does it impact the Group?
It is possible that our employees or overseas representatives could act in contravention of our stringent requirements in relation to bribery and corruption, anti-competitive behaviours and management of the third party partners (TPPs). This could cause major reputational and financial damage to the Group.
What are we doing to mitigate it?
Our commitment to ethical standards is articulated in the Code of Business Principles. This is supported by underlying policies which are reviewed regularly and enforced robustly. Non-compliances are dealt with through disciplinary procedures.
We have a particular focus on raising awareness as well as training on anti-bribery and corruption, and competition law. Our policies and processes are independently audited. Our whistle-blowing policy and associated procedures are integral aspects of the compliance framework.
The appointment, management and remuneration of TPPs operates independently of the sales function. The behaviours of TPPs are strictly monitored and the process is overseen by the General Counsel and Company Secretary, who reports directly to the Board on these matters.
We are accredited to the Banknote Ethics Initiative, which provides governments and central banks with assurance regarding our ethical standards and business practices.