Compliance

SCOR is a leading global reinsurer, with 37 offices worldwide, 5,000 clients, and more than 3,500 employees. The Group is committed to conducting its global business activities in line with all applicable laws and regulations.

SCOR conducts its business in accordance with the Group values (Care, Collaboration, Courage, Integrity, Open Minds) and the United Nations Global Compact (principle-based framework for business stating ten principles in the areas of Human Rights, Labor, Environment and Anti-Corruption), all of which is set out in our Code of Conduct.

Code of Conduct Financial Crime Fraud SCORSpeakUP - Report a concern
Data Protection Conflict of Interest Anti-Trust

Code of Conduct

At SCOR, we believe that “Compliance starts with you,” which entails a commitment from all employees to maintaining the highest standards of ethics, integrity, and professionalism.
This is why SCOR’s Code of Conduct is so important for all SCOR employees. It serves as the guiding compass for their actions and decisions, it outlines the principles and values we uphold as a company, and it sets the expectations for how we conduct ourselves in the workplace and beyond, with our business partners and shareholders.

The Code of Conduct is complemented by dedicated Policies and Guidelines establishing the minimum compliance standards and procedures applicable throughout the SCOR Group.

Financial Crime

Accordion

Businessmen make an agreement with the money proposed his partner to bribe in the office and make a contract under an agreement. Illegal money fraud The concept of bribery and corruption

As part of its longstanding participation in the United Nations Global Compact, SCOR is aligned with the Ten Principles, including the fight against corruption. The Group has adopted a zero-tolerance approach to corruption (including bribery and influence peddling), and through the Group Anti-Bribery Guidelines, defines corruption and provides guidance to employees in terms of recognizing and preventing corrupt practices.
In addition, and in line with applicable anti-corruption laws, SCOR maintains a global anti-corruption framework with regular corruption risk assessment, effective compliance controls, awareness campaigns, and reporting. To promote transparency and compliance with SCOR standards, the Group has a Gift and Event Register where employees are required to report all gifts and all invitations to events, whether offered or received, over the value of €150.

Text Anti Money Laundering typed on retro typewriter

SCOR is committed to conducting its business in accordance with the applicable anti-money laundering & financing of terrorism requirements. This involves a strong framework comprising regular AML/CFT risk assessment of SCOR activities and a Know-Your-Client process with specific enhanced due diligence for high-risk clients. When a suspicious transaction is identified, it must be referred to the Regional Compliance Officer for investigation and recommendation and reported to the relevant authorities if applicable.

Sanctions list is shown on the conceptual photo

As an international group, SCOR must comply with all applicable sanction and embargo programs. This includes, inter alia, the economic and trade sanction and embargo regulations administered by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC), certain laws administered by the United States Department of State, and applicable trade sanctions and financial restrictions imposed by the European Union and its Member States.

SCOR has put in place a three-step, risk-based approach to mitigate applicable sanctions risk arising from its activities. We evaluate our business before going on risk, while on risk, and before paying claims in accordance with our risk-based approach.

SCOR engages in business with 5,000 clients around the world and maintains 37 offices on five continents. SCOR does not, however, operate any offices in North Korea, Cuba, Syria, Iran, or Sudan. Furthermore, SCOR does not target the development of any business relationships involving North Korea, Cuba, Syria, Ukraine (including Crimea) or Sudan.

SCOR has no appetite for risks that present exposure to applicable international sanctions.

Fraud

SCOR defines fraud as an intentional deception made for personal gain or to damage another individual or entity. Fraud can be internal or external to SCOR.

SCOR takes a zero-tolerance approach to fraud and is committed to acting professionally, transparently and with integrity in all its business dealings.

To prevent and manage fraud, SCOR relies on a strong Fraud Compliance Framework, including fraud risk assessment, dedicated controls, risk awareness and reporting. In addition, SCOR applies the four-eyes principle to the most significant decisions, establishing a culture of accountability and preventing fraudulent activities.

Having noted an increase in fraudulent acts aimed at extracting funds from individuals and entities (emails or calls containing fraudulent links or contacts and misusing the name of SCOR and the identity of its employees), SCOR encourages vigilance through a dedicated fraud awareness page on its website.

SCORSpeakUp - Report a concern

Close up of colleagues gesturing while talking at business meeting

SCOR supports an environment where everyone feels comfortable speaking up. All employees and third parties (shareholders, suppliers, clients, etc.) are encouraged to report any conduct they believe violates laws, regulations, internal policies, or our Code of Conduct.

There are several channels available for reporting actual or suspected misconduct:

Internally & externally through a dedicated SCOR SpeakUp platform, under strict confidentiality and anonymity. The reported concern will be directly routed to the appropriate investigation team depending on the region concerned
Internally to the Regional Compliance Officers
Externally to the relevant competent external authority (e.g., a local regulator)

SCOR has established a Reporting Concerns Committee to ensure consistency in the reported concerns process and the corrective measures taken when allegations are confirmed.

SCOR prohibits any form of actual, threatened or attempted retaliatory action against anyone who, in good faith:

reports suspected or actual misconduct; or
participates in a reported concerns investigation or assists with investigations arising from a reported concern.

Data Protection

Data written on a post it held by hands concept

SCOR’s activities involve the processing of personal data, which requires it to comply with regulations relating to personal data protection and privacy.

The Code of Conduct and Data Protection Policies and Guidelines define the key principles related to the protection of personal data. Together with contractual arrangements, they are designed to ensure that all employees, representatives, advisers, and service providers protect personal data and keep it confidential.

The Data Protection Officer is responsible for ensuring the overall monitoring and implementation of the Data Protection Policies and Guidelines, and for maintaining the Group Data Protection Framework. A network of data protection experts and correspondents throughout SCOR’s entities and businesses oversee data privacy.

More details on Data Protection at SCOR can be accessed on the dedicated page.

Conflict of Interest

Because transparency and integrity are two pillars of SCOR’s Compliance Framework, it is SCOR’s policy to disclose any potential conflicts of interest and to avoid any actual conflict of interest across all of its business activities.

Disclosure of a potential conflict of interest is mandatory, regardless of a person’s position within SCOR. In addition, an annual Conflict of Interest campaign requires more exposed employees to complete a conflict-of-interest disclosure form.

Anti-Trust

Actively committed to its decision-making independence from its competitors, SCOR adheres to a fair competition landscape that protects a free-market economy and continues to benefit clients. Every employee must comply with the relevant antitrust/competition laws existing at both national and international levels and enforced by Competitions Authorities.

Through a dedicated policy, we are committed to avoiding all types of anti-competitive agreements, information exchanges or concerted practices, abuses of dominant market positions, and any operations which create dominant positions or significantly reduce competition. This concerns our interactions with competitors, our relationships with clients, companies and other business partners, and our participation in industry associations, working groups, and similar gatherings.