We believe that a solid foundation of good corporate governance and business ethics significantly contributes to our company's ability to operate effectively and realize our full growth potential. For Starr International, this means leadership by a management team of experienced industry leaders who work together to ensure the integrity and risk management oversight of our business.
The Boards of Directors of our insurance companies have established various committees to assist in discharging their duties. These include, but are not limited to Executive, Audit, Compliance, Finance and Investment and Reinsurance/Security Committees. An Enterprise Risk Management Committee has been established at the ultimate parent company level to monitor and govern any emerging risk issues associated with the organization's insurance activities and investment portfolio and oversee the organization’s Enterprise Risk Management (“ERM”) programs and policies, including risks relating to business and financial strategies, operations, compliance, reputation and ethics and cyber security.
Starr International ensures compliance with local regulatory requirements through reliance on its internal Office of the General Counsel as well as in coordination with local legal counsel experienced in local regulatory matters.
Starr International has a multi-faceted compliance program that includes (i) wide ranging policies and protocols covering the code of business ethics and conduct, anti-bribery and anti-corruption, anti-money laundering, data privacy and security, insider trading, social media, records retention and others, (ii) required on-line compliance training classes offered on a quarterly basis providing employees with practical examples of the various compliance policies and procedures at work and offers employees an opportunity to review the policies and keep current with any new developments as a result of changes in local law, and (iii) the Starr Hotline Program, which is a dual, telephone and on-line reporting mechanism enabling Starr International employees to anonymously report suspected violations of law or internal company policies and protocols.
Starr International’s compliance program is managed by its Compliance Director who works in and is physically located within Starr International’s Office of the General Counsel. Certain Starr International employees have been identified to assume compliance responsibilities for the various local offices who then ultimately report to the Compliance Director. The compliance program aims to ensure a compliance culture which transcend all business operations and processes. To meet this objective, required practices and obligations are clearly communicated to all employees and support senior management in their compliance objectives. All new employees are provided with and are required to acknowledge the code of business ethics and conduct, which references and includes the other compliance policies. This effort has resulted in increased awareness of compliance requirements and best practices for all of Starr International’s employees globally and assists in solidifying a culture of compliance throughout the organization.