Corporate Governance

The Prudential Group gives high priority for good corporate governance and believes that this is the heart in the running of its business. Together with the Group’s philosophy of “always listening”, it has drawn up the Code of Conduct that sets the values and standards required across the Group, in its “Group Governance Manual”. The Code forms the basis of the organization’s integrity in its responsibility toward its customers, shareholders, business partners, competitors, regulators and all its employees. The management and employees of Prudential Life Assurance (Thailand) Public Company Limited shall strictly follow the framework of this code, which are

  • To treat customers fairly and honestly
  • To comply with the law and business ethics
  • To build a good corporate governance culture amongst staff at all levels
  • To support and comply with the regulators

     

 

Prudential’s Code of Business Conduct

Our Customers

  • Treat our customers fairly, openly and honestly
  • Provide the highest standard of service
  • Operate effective complaints processes for quick feedbacks to our customers
  • Aim to provide and promote a range of products and services that meet customer needs and are readily understandable
  • Maintain the confidentiality of customers information - even though the law allows for information disclosure or the customer has given consent to do so

 

Our Shareholders

  • Create profits, but on the basis of good corporate governance.
  • Keep accounting records that accurately disclose the company’s financial position of the business and issue financial statements to ensure transparency of information on the Group’s financial performance.
  • Communicate business policies, achievements and prospects honestly.
  • Promote awareness to all employees to take every reasonable precaution to avoid injury to colleagues and members of the public.

 

Our Partners

  • Maintain the highest standards of integrity in business relationships with our partners.
  • Promote our partners’ businesses that operate with the values and standards equivalent to ours.
  • Collaborate with our partners to improve all aspects of performance.
  • Agree terms and conditions with our partners and follow them through.

 

Our Competitors

  • Conduct business in accordance with our Code of Conduct and compete vigorously but honestly.
  • Avoid disclosing proprietary or confidential information in any contact with competitors.

 

The Governments and Regulators

  • Follow the laws, rules and regulations of governments in countries that the company operates.
  • Refrain from bribery.
  • Maintain good relationship with the regulators to foster mutual trust, respect and understanding.

 

Our Employees

  • Promote a good working environment.
  • Explain to the company’s values and standards to the staff.
  • Be intolerant of discrimination, harassment or unfair treatment.
  • Create a friendly work environment and support staff participation in various activities.
  • Provide a clean, healthy and safe work environment.

Risk Management

Risk Management is indeed an important process that protects, safeguard and furthers the organization to achieve its objectives and targets. Through this process, the company will be able to efficiently manage uncertainties in the changing situations and reduce the impact of unpredictable outcomes of its strategic directions, decisions and operations.

The meaning of Risk Management
“Risk Management” is a process of planning, managing and regulating the core business of the company in an integrated way in order to reduce the impact from volatile situations that the company may face. Risk management takes into account the company’s size, complexity, objectives and targets when making its assessments.

The company’s risks can be categorized into the following criteria

  1. Market Risk
  2. Credit Risk
  3. Insurance Risk
  4. Liquidity Risk
  5. Business Environment Risk
  6. Operational Risk
  7. Business Environment Risk

 

The Risk Management Process

  1. Identifying risks
    The company has a process in place to identify its risks and to review its operations that are open to risks on a regular basis. Identifying these risks is done at all levels, from the lowest to the highest level.

  2. Evaluating and prioritizing risks
    The company has a process in place to evaluate risks and prioritize them in the level of impacts they have on its operations.

  3. Responding to risks
    The risk management process is to ensure that the company will be able to absorb any impact that may occur in a systematic manner.

  4. Monitoring risks
    Apart from having the risk evaluation and prioritizing process, the company has a systematic monitoring process to ensure that any risk the company may face will be manageable. At the same time, the risk control measures must not cause any adverse affect to the operations and the quality of its outputs.

REMARKS: The Office of the Insurance Commission (OIC) has announced that all life insurance companies and all their branches that are granted the life insurance license to operate their business in the Kingdom shall draw up a comprehensive Risk Management plan. The plan shall spell out causes of risks, types of risks, the company’s risk appetite, risk evaluation and prioritization, risk management and the monitoring process for each type of risk. The company shall communicate its risk management process throughout the organization so that these will be strictly adhered to.

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