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PZU designates a dedicated business owner of the area, who is responsible for the entire process, monitoring its quality and effectiveness, reporting, as well as for adhering to the prevailing procedures. There are dedicated procedures in place at PZU that define the standards for managing sanctions risk at PZU and PZU Życie. The business owner of the process is responsible for, among other things, implementing solutions for the Company’s compliance with sanctions, supporting business units in the sanctions risk management process, protecting the Company’s interests, including its legal interests, financial interests in business dealings with other entities at home and abroad, and image in the financial market.

Sanctions policy

PZU and PZU Życie have a Sanctions Policy in place. Under the Policy, PZU and PZU Życie:

  • do not cooperate with sanctioned entities,
  • do not conduct transactions for sanctioned entities,
  • use sanction clauses in contracts in which they identify sanction risks,
  • analyze sanction risks in the case of planned cooperation with entities subject to sanctions risks.

In addition to the measures, PZU and PZU Życie make every effort to ensure that the mechanisms implemented at the Companies for managing the risk of violating the international sanctions regime are effective, adequate and proportionate. Legal, financial and reputational risks are taken into account when performing a risk analysis. In view of the geopolitical situation and the current legal status, PZU is continuing its efforts to introduce improvements and automate the process of managing the risk of violating the international sanctions regime. To this end, the AML Project has launched the Sanctions Current, which first aims to analyze processes with sanctions risks and develop requirements for target solutions, including the implementation of changes in IT systems.

XLS

E-learning course “Sanctions and Sanctions Policy” 2023
Mandatory training for PZU SA/PZU Życie SA employees 7,669
Professional training for agents 11,293
Comment: A new mandatory e-learning course „Sanctions and Sanctions Policy” was launched in 2023. With the training edition being first, there is no comparative data from previous years.
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