1.7 Risk management including ESG factors

[GRI 102-11] [GRI 102-15] [GRI 201-2]

The Company’s risk management system is integrated into its organisational structure and decision-making processes taking into account key function holders. As part of its risk management system, ERGO Hestia has processes in place to identify, assess and monitor the risks to which it may be exposed at an individual and aggregate level. ERGO Hestia has implemented a risk management function and appointed a person responsible for overseeing the function: the Director of the Risk Department who reports to the Vice-President of the Management Board for Finance and Organisation. There is also an independent organisational unit within the Company’s structure, which ensures the independence of the risk management function and allows it to perform its duties effectively and in an objective manner, excluding exertion of influence and conflicts of interest.

The risk management system is organised according to the concept of three lines of defence. This model creates an organisational framework within the Company that ensures a clear division between making risky business decisions and independently controlling such risks.

Photo: Grzegorz Janoszek

[GRI 102-15]

The Companies define sustainability risks as the possibility of environmental, social or governance situations or conditions whose occurrence has an actual or potential material adverse effect on the Companies’ financial position and results of operations and reputation, and on the value of the Companies’ investments at their own risk and that of their customers. We do not consider risks to sustainability as a separate category but see them as one aspect of the individual risks. Sustainability risks interact with the individual risks through different transmission channels and can have a significant impact on them.

Within climate risks, in line with the classification adopted by among others the Task Force on Climate-related Financial Disclosures at the initiative of the Financial Stability Board, we distinguish between physical risk and transition risk. As with the other risks to sustainability, we consider these risks to be one of the aspects considered in the management of the different risks distinguished in the risk catalogue we use.

Privacy management

< Back

This website uses cookies

We use cookies to personalise content and advertisements to offer social functions and analyse traffic on our website. We share information about how you use our website with social, advertising and analytics partners. Partners may combine this information with other data received from you or obtained while using their services.

The Joint Controllers of Personal data are as follows::

Sopockie Towarzystwo Ubezpieczeń ERGO Hestia S.A. with its registered office in Sopot, ul.

Sopockie Towarzystwo Ubezpieczeń na Życie ERGO Hestia S.A. with its registered office in Sopot, ul. Hestii 1, 81-731 Sopot, ,

the Joint Controller for the use of the Facebook Pixel service is also Facebook Ireland Limited with its registered office in Dublin, 4 Grand Canal Square, Grand Canal Harbour, Dublin 2, D02X525 Dublin.

The data is processed for marketing, analytical and statistical purposes.

The uses has the following rights: right of access to their personal data; the right to request its rectification, erasure or restriction of its processing; the right to object to the processing of personal data; the right to personal data portability and the right to lodge a complaint with a supervisory authority competent for the protection of personal data. Contact details to exercise these rights can be found in the Data Controller's declaration .

1. About us

1.7 Risk management including ESG factors

[GRI 102-11] [GRI 102-15] [GRI 201-2]

Risk management system at ERGO Hestia

[GRI 102-15]