The nature of the financial services industry limits the exposure of P&C and AWPA towards modern forms of slavery, human trafficking or child labour, as the tasks carried out require regular training and often regulatory licenses or specific certifications, which cannot be achieved under the usual circumstances of slavery.
As the financial services industry does not use raw materials or produce goods, the exposure to supply chain risks is relatively limited. Where goods such as stationery or promotional items are ordered, P&C and AWPA are obliged to assess the various risks relating to the parties offering these goods. P&C and AWPA have carried out a review of, and will continue to monitor new and existing suppliers. To date, to our knowledge, no incidents of modern slavery, human trafficking or child labour have occurred in our supply chain.
AP is committed to a transparent and robust procurement process. Allianz Group entities operate a vendor integrity screening and anti-corruption framework which considers various elements such as prevention of corruption, bribery and other forms of non-compliance including modern slavery, human trafficking or child labour.
In addition, a globally accessible Vendor Code of Conduct (VCOC) exists which reflects Allianz’s clear commitment to the UN Global Compact’s Ten Principles (a framework of ten principles in the areas of human rights, labour, the environment and anti-corruption). It requires all suppliers to promote respect for these rights both internally and across their supply chain through their actions and by engaging with governments of the countries in which they operate. The VCOC also seeks to ensure essential Human Rights are maintained and the Standards of the International Labour Organisation are adhered to.