C1 Broker Compliance Policy
Dear Client and Strategic Partner,
The Compliance Policy of C1 Broker, an international insurance broker, goes beyond simple compliance with financial and insurance regulations in the countries in which it operates. It is based on the philosophy of “wanting to do things right”. The company adopts various compliance instruments, involving a multidisciplinary working group to review and audit the different areas (commercial, marketing, claims, operations, accounting, legal, labor, etc.), guaranteeing compliance and integrity in its operations.
.
.
The Compliance policy of C1 Broker – Insurance Broker in Spain and Portugal, refers to the set of processes and measures adopted to ensure that the company complies with all applicable laws, regulations and standards in the insurance sector. It includes the ethical and legal management of operations, the prevention of conflicts of interest, compliance with privacy regulations and the implementation of internal controls to guarantee transparency and integrity in all activities related to insurance brokerage.
.
.
C1 Broker’s management team promotes a culture of excellence by incorporating various compliance instruments into its management model, which have been developed from our Corporate Social Responsibility.
To establish the Compliance and Due Diligence policy, our starting point was to take advantage of many of the control mechanisms and processes that we already had in place in the different sectors (Tax, Accounting, Administration, Commercial Operations, Marketing, Human Resources, etc.), adapting them to the company’s growth procedures and, above all, seeing them as an opportunity rather than a cost.
It should also be recognized that recent reforms to the Criminal Code have strengthened the criminal liability of legal bodies, which encourages companies of any size and branch of activity to implement management, monitoring and control systems to prevent infringements and minimize their consequences, should they occur. This is what Compliance consists of, which represents an investment for companies as legal support, reputational benefit and competitiveness factor in international markets. We carried out the following process internally, following the Compliance guidelines and with the help of an external audit:
– Initial diagnosis and preparation of a risk map and code of ethics.
– Implementation and monitoring of compliance programs
– Design of prevention and/or correction protocols before offenses are committed.
– Specific training for employees
– Preparation of due diligence
.
.
If “Compliance” originally comes from the English verb to comply, which means to fulfill, observe, satisfy what has been imposed, by transferring this concept to the corporate and business world, at C1 Broker we understand Compliance as a management philosophy and practice that ensures that the organization complies with the relevant laws, regulations, guidelines and standard specifications in the national and community insurance sector. By adopting, developing and implementing a management system based on Compliance, our aim is not only to comply with legal requirements, but also to promote a culture of integrity and transparency that contributes to the sustainable growth of the company.
.
We understand the Compliance Policy not as a constraint on our activity, but as a seal of quality and protection. Rules and regulations exist to create a fair and safe business environment and protect companies from unfair commercial practices, preventing and mitigating risks that could cause financial and reputational damage. In this sense, C1 Broker’s Compliance policy has been designed to contribute to the longevity and sustainability of the business and the trust of all the players involved: clients, suppliers, employees and strategic partners.
.
.
Sincerely,
Dr. Susana Wichels
CEO C1 Broker
(February 2024)
