Our Code of Conduct clarifies the importance of how to act in a professional and responsible manner. The Code of Conduct outlines how we should act in accordance with our values and in our daily work. Volvofinans Bank's strongest guiding star is our employees' sound reasoning and inner compass to distinguish what’s right and wrong. Self-responsibility is a concept of honour within Volvofinans Bank. The Code of Conduct applies for all who represent Volvofinans Bank, including consultants and entrepreneurs.
We hold tight on bank secrecy
All information about our customers is confidential. Including information about customers, previous customers and prospective/potential customers. Also, information regarding names, addresses, card numbers, services and products which our customers use, family relationships etc. is confidential. Bank secrecy also applies for our employees and confidential customer information will not be communicated within the bank – only the people that need the confidential information in order to perform their tasks, are entitled to it. We don’t discuss sensitive matters or confidential information outside the bank.
We know our customer and prevent money laundering and terrorist financing
We need to know our customer's identity. Regarding legal entities, we need to know who the beneficial owners are, and who has the mandate to make decisions. We only initiate business relations with customers where we understand their business, and we know it’s legitimate. We follow up on those business relations so their activities, documents and transactions are in line with the information they have provided and the information we have on the customer. On top of that, we are monitoring official registers over individuals and organizations who can have a connection to money laundering and terrorist activities. If we detect suspicious activities, then these are reported promptly to relevant authorities.
We protect our customers personal data
We have particular principles and routines to process and protect our customers' personal data. We are only obligated to collect and use personal data if the use is deemed necessary for certain legal purposes; for example, to establish an agreement, or if there is a legitimate interest. If we want to process personal data for other purposes, the customer needs to give their consent. The customer shall receive information about how we intend to process their personal data by the time we collect the data. The personal data that has been collected can only, by principle, be used for the purpose for which they were originally collected. At Volvofinans Bank, employees will only have access to personal data if they need the personal data to be able to perform tasks which they are authorised for.
We identify and handle conflicts of interest
Our employees are loyal towards their company and customers. In our professional role, our employers and customers' interests are prioritised. A conflict of interest occurs when business or personal circumstances affect professional assessments and ability to act in the best interest of customers and Volvofinans bank. For every business decision or when advising customers, theirs and Volvofinans Bank's interest should be put first. We should pay attention, identify and manage conflicts of interest to ensure personal and professional conditions do not affect neither the banks or customers interest. A fellow employee that identifies an actual or potential conflict of interest should report it to the Chief Risk Officer and CEO so necessary actions can be taken. A conflict of interest could occur when a manager is assumed to be biased in a situation and risks a lack of objectivity, which can result in a conflict of interest. The lack of objectivity can for example have its starting point in interest, relationship within family or manager depending on the individual situation. If a conflict of interest arises when you as an employee are in charge of the decision, you should always refrain from taking the decision.
We follow regulations regarding gifts, representation and bribe
Volvofinans Bank does not use nor has any acceptance towards illegal or immoral business methods such as bribes. A bribe is defined as a payment or other benefit that is supposed to affect how decisions are taken. Volvofinans Bank should follow laws and regulations regarding bribes, gifts and representations and we actively distance ourselves from all forms of corruption. Because the bank maintains a particular level of trust from society, it needs to be protected. It's of real importance that laws and regulations regarding bribes and gifts are followed. It's not allowed to accept gifts, or be offered anything, if the intention behind it could be seen to have an improper purpose. On the other hand, it’s not okay to ask partners or allow them to accept gifts or bribes. It can be hard to decide if a benefit as a gift or an offer to attend an event is classified as a bribe or part of an acceptable business relation. If you as an employee feels insecure about any offer, you should then inform your manager before you accept any gift or offer that could be misinterpreted. Further, you should be sure that benefits that you offer and accept only have a negligible value, and completely avoid benefits that could affect the giver or receiver’s behaviour. A strong indication that a gift or benefit could have an improper purpose is if the offer is not given in an open way. Government officials are not allowed to be given any offers or gifts regarding their work, not even the simplest lunch sandwich. The same rules go for people that are engaged within procurements of publicly funded companies.
We respect rules for sound competition
We follow all rules regarding sound competition. Those rules are complex but are designed to protect a sound competition between companies. If the bank doesn’t follow the rules, this can end up with high, costly sanctions for the bank. Because of that we avoid situations where we can be part of any anti-competitive conduct, for example
- Share information about price setting between competitors or other market information or agreements to divide markets or customers
- Discussions about competition sensitive matters: prices, price setting methods, costs or marketing strategies.
We manage complaints fast and effectively
Complaints from customers are valuable information that could lay the ground for improvements. Because of that, Volvofinans Bank's complaints process aims to deal with the situation quickly, with a positive attitude, where we show that we have listened to the customer’s complaints and take on board their criticism. We correct errors directly if it’s possible.
We will never accept discrimination or harassments
We should be a professional and welcoming workplace that is characterised by respect, integrity and tolerance; all to achieve a good working environment. We do not accept any form of discrimination regarding gender, race, language, nationality, ethnic or social origin, genetic characteristics, beliefs, political or other beliefs, nationality, wealth, birth, disability, age, gender identity or sexual orientation. All employees should be treated equally. We apply zero tolerance for sexual harassments.
Our work environment is important
We strive to make an inspiring working environment and encourage engagement, teamwork and responsibility. Our work environment is clean, healthy and safe. We do not accept any sort of illegal substances at our workplace, and we encourage employees that have problems with alcohol and drugs to search for help. We encourage a work environment where our employees do not hesitate to report deviations from laws, external or internal laws or unethical behaviour.
We handle irregularities
Volvofinans Bank should be inclusive of openness, transparency and ethical actions. A fundamental and obvious rule is that we should pursue our business in a responsible manner and follow directions and rules that regulate our business, but also our own internal set guidelines. There is zero acceptance of irregularities within the bank. A person who reports about irregularities should feel safe about the fact that we want to highlight the problem and solve it. Therefore, Volvofinans Bank has a whistleblowing facility to manage this sort of problem. The whistleblowing system makes it possible to report on irregularities and at the same time be anonymous. All messages through the whistleblowing system are strictly confidential. More information about the whistleblowing system and how you report irregularities can be found here.
Besides reporting through the bank's internal whistleblowing system, a report about irregularities could also be made through our external reporting partner. Use of our external partner should be made possible by latest 2022-07-17 and specific authorities will be held accountable based on specific subject areas. A list of which authorities to report to, and regarding which subject areas, are specified in the regulation for reporting about misconduct (SFS 2021:949). More information can be seen here. A report to the authority must be done by the relevant authority’s own reporting channel and you will find more detailed instructions on how to proceed on each authority’s website.
Sustainability
We have agreed upon that sustainability is an important strategic question and our absolute ambition is that our business should be operated in a sustainable way in the long-run, as well as from an ecological perspective, socio-economically and a social perspective. Our sustainability work is an integrated part of our business and all employees have an obligation to follow our routines and guidelines.
For our sustainability work, we have chosen to work from the areas where we have the biggest impact to reduce negative environmental impacts, and at the same time create value. We have a big responsibility for the environment and we are trying to reduce our impact on the environment in different ways. Energy, raw materials and other materials should be used effectively and with respect toward our environment. Consideration for our environment should be imbued in every decision made within the organisation and it is every single employee's responsibility to follow our routines and guidelines.