Compliance, Integrity & Risk Management
|Sustainability at Wabtec|
|Innovating with Purpose|
|Driving Responsible Operations|
|Creating Safe Environments|
|Empowering People & Communities|
|Compliance, Integrity & 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.
Responsible Business Practices
Code of Business Conduct & Ethics
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.
Supplier Code of Conduct
The foundation of our approach to sustainable procurement is our Supplier Code of Conduct. Wabtec business units utilize standard terms and conditions for suppliers that incorporate Wabtec’s Supplier Code of Conduct and set specific expectations regarding suppliers’ compliance with laws and regulations related to environmental, health, safety, labor, human rights, security, and privacy. Wabtec uses a variety of assessment tools to evaluate supplier risk, based on several factors including geography and alignment with international standards for human rights, the environment, health, and safety.
Conflict Minerals Policy
Wabtec’s Conflict Minerals Policy outlines our commitment to avoiding and eliminating the use of minerals that directly or indirectly finance or benefit armed groups in the Democratic Republic of the Congo or adjoining countries. The Conflict Minerals Policy and accompanying set of guidelines, support the due diligence process related to eliminating the use of conflict minerals in our products and ongoing engagement with suppliers on this topic
Modern Slavery/Human Rights
Wabtec’s Human Rights Policy, issued in 2020, outlines our commitment to respecting human rights wherever we operate. The Human Rights Policy prohibits any form of forced, involuntary, or child labor in our operations. The Policy includes specific commitments to undertake ongoing due diligence to identify, prevent and mitigate any adverse impacts of our activities and provide access to remedies through effective reporting mechanisms.
Our strong governance framework creates long-term value for our shareholders and guides decision making around how we operate, innovate, and drive growth. This governance framework starts with Wabtec’s Board of Directors and its committees who oversee the execution of the company’s environmental, social, and governance (ESG) strategy as part of their oversight of Wabtec’s overall business, and extends to Wabtec’s Sustainability Task Force — a dedicated team with overall responsibility for the company’s sustainability strategy.
Wabtec regularly identifies and monitors business risks
Enterprise Risk Management
Risk is an inherent part of conducting global business. 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) process.
Each year, we conduct a comprehensive and rigorous enterprise risk assessment by reviewing risk information from multiple sources, including business units. The results of this ERM risk assessment are incorporated into future action plans to mitigate the identified risks. These risks cover a broad range of issues, including legal and regulatory compliance. On an ongoing basis, reporting metrics and data aligned too identified risks 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.