Philips 2011 Annual Report Download - page 83

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7 Risk management 7.1 - 7.1
Annual Report 2011 83
In order to support management in executing the
mandatory risk analysis to identify the major GBP risk
areas and issues for their activities, a GBP risk-
assessment tool was developed and included in all ICS
self-assessment questionnaires.
In the course of 2011 significant progress was made with
the roll-out of dedicated anti-corruption programs
targeted at our dealers, agents and distributors:
• Implementation of a harmonized Due Diligence Process
(DDP) across businesses and regions, supported by a
dedicated global DDP program office, with specific
focus on selected geographies such as Latin America,
Eastern Europe, Asia and China
• Ongoing alignment between sectors on DDP execution
through a One Philips contract management system
• Continuous training to promote an understanding –
among all relevant stakeholders – of the One Philips
DDP for selecting distributors and agents
For further details, please refer to the General Business
Principles paragraph in chapter 14, Sustainability
statements, of this Annual Report.
Financial Code of Ethics
The Company recognizes that its businesses have
responsibilities within the communities in which they
operate. The Company has a Financial Code of Ethics
which applies to the CEO (the principal executive officer)
and CFO (the principal financial and principal accounting
officer), and to the heads of the Corporate Control,
Corporate Treasury, Corporate Fiscal and Corporate
Internal Audit departments of the Company. The
Company has published its Financial Code of Ethics within
the investor section of its website located at
www.philips.com. No changes have been made to the
Code of Ethics since its adoption and no waivers have
been granted therefrom to the officers mentioned above
in 2011.