Compliance, Integrity and Risk Management
At Wabtec, we have a proud history of excellence and high ethical standards. We act with integrity and treat every employee, customer and vendor with trust and respect. We have always believed that we are not only responsible for doing things right, but that we also have an obligation to do the right things. Our Code of Conduct is the cornerstone of how we do business.
We encourage employees to report any compliance or integrity concerns immediately if they see or suspect unethical, illegal or unsafe conduct of any kind – or behavior that just doesn’t seem right. Employees are encouraged to raise concerns to their manager or supervisor, human resources, legal, compliance or internal audit. For anyone who is uncomfortable or wishes to remain anonymous, they may report anonymously by phone or electronically through Wabtec’s Speak Up Integrity Hotline. Regardless of reporting channel, all reported concerns are taken seriously and thoroughly investigated. We do not tolerate retaliation against any employee who reports wrongdoing.
Risk is an inherent part of conducting global business. At Wabtec, our integrity culture and commitment to compliance define us. Wabtec regularly identifies and monitors business risks through a robust internal management system and engages in constructive regulation and public policy discussions that benefit employees, customers and shareholders. We manage operational, strategic, financial and compliance risk in several ways, including but not limited to the Enterprise Risk Management (ERM) program and Wabtec’s compliance program.
Each year, we conduct a comprehensive and rigorous enterprise risk assessment by reviewing risk information from multiple sources, including business units. To better inform our decision making, we evaluate risks at the business unit and enterprise levels. Reporting metrics and data are regularly reviewed by management, including Compliance, HR, Legal and Internal Audit, as well as summary reporting metrics are shared with Wabtec’s Board of Directors.
The results of this ERM risk assessment are incorporated into future action plans to mitigate the identified risks. Compliance risks are also reviewed as part of the ERM risk assessment process and are managed as part of Wabtec’s compliance program. These risks cover a broad range of issues, including legal and regulatory compliance. The compliance program establishes enterprise-level compliance expectations. Business managers implement controls and processes to meet those requirements with the support of compliance professionals, legal personnel and subject matter advisors with specific expertise. These efforts are enhanced by regular communications, in-person and online training and annual assessment processes. Through these programs, Wabtec can better manage risk and gauge the potential impact of various outcomes on our ability to achieve strategic goals.