Unum 2010 Annual Report Download - page 87
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Governance, Risk, and Compliance
We employ a decentralized risk management model under which risk-based decisions are made daily on a local level. To achieve
long-term success, we believe risk management must be the responsibility of all employees. We strive for a culture of accountability, risk
management, and strict compliance, and we believe these values allow our employees to feel comfortable identifying issues as well as
taking ownership for addressing potential problems.
The recent recession and financial sector problems have reinforced the importance of effective governance, risk management, and
compliance. We rely on four complementary functions.
• Internal controls provide reasonable assurance that there are controls in place to prevent and detect a material misstatement in our
nancial reporting;
• Internal audits assess the effectiveness of controls for operational business processes and monitor compliance with internal policies
and procedures;
• Our compliance organization seeks to ensure compliance with laws and regulations and is responsible for directing our ethics
program and privacy efforts; and
• The ERM program serves as an umbrella and takes a holistic view of risks and risk management efforts across the enterprise.
These groups work closely together to align their plans, activities, and efforts toward the common goal of effective
governance, risk, and compliance.
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Unum 2010 Annual Report