01 Our vision of 02 Sustainable 03 Active 04 Strengthening sustainability 05 Appendices sustainability investing stewardship in our operations 04.3 Ensuring responsible business conduct Principle 3 5 Business risk is de昀椀ned as the risk of 04.3.5 Fostering security and We actively take steps to prevent and within the 昀椀rm. The programme is subject not being able to reach the 昀椀nancial business resilience respond to investment fraud schemes to oversight by Allianz Asset Management objectives in a given competitive market that misuse our brand, working with the (AAM). Annual self-assessments are or regulatory environment. To monitor Data privacy and cybersecurity relevant agencies to reduce the impact submitted to AAM in accordance with business risks, the Risk Management The Global Data Privacy function is part of digital crime. group requirements and the programme function uses key risk indicators that cover of Legal and Compliance and includes To manage cyber risks, we select best is subject to regular audit reviews. business and investment performance of regional Data Privacy O昀케cers and a Global practices from leading cybersecurity In 2023, we emphasised protective the management company, among others. Data Privacy O昀케cer. The function informs, frameworks, such as the International security, in which we work to proactively Ad-hoc and regular meetings are held advises and makes recommendations on Organisation for Standardisation or build resilience into the organisation between the Risk Management function compliance with applicable data privacy the National Institute of Standards and by ensuring that both our people and and stakeholders in other functions to laws and regulations, the Allianz Privacy Technology. These frameworks set the locations are prepared to respond discuss the current business situation and Standard and other internal and legal standards for processes, controls, security to interruptions. forward-looking developments. standards, as well as guidelines. It works testing and reporting. Each major function has a business Reputational risks are de昀椀ned as risks closely with the respective Information Since there can never be 100% protection recovery plan that ensures key business of activities undertaken within the 昀椀rm or Security O昀케cers to ensure that adequate against cyberattacks, we also implement processes can be resumed in the event of by employees outside the 昀椀rm that may data protection-related technical and controls and training to ensure e昀昀ective a severe business interruption. Plans cover result in unintended material negative organisational measures are taken. recovery from a successful attack to the most important risk scenarios for the impacts on stakeholder perceptions Our cybersecurity programme is reduce the potential impact and loss of employees, facilities, technology that could potentially impact AllianzGI’s fundamental to the sustainability of our duration of business disruptions. and third-party support. ability to do business. These stakeholders business. We design, operate and monitor As part of a continuous improvement include clients, investors, the media, the an appropriate level of security controls. Business resilience public, regulators and employees of As cybersecurity threats continue to Business resilience incorporates business programme, we collect and analyse AllianzGI and Allianz Group companies. evolve and become more sophisticated, continuity and disaster recovery and is an feedback to improve the e昀昀ectiveness Prudent management of reputational we constantly invest in infrastructure integral part of our service commitment of the business resilience framework. risk is deemed essential in the overall and tools to combat them. In 2023, to our clients. risk framework. we enhanced our focus on making sure Managed by the Business Resilience team, that emerging technologies, such as AI, our business resilience framework is a are secure and safe to use. We did this multi-tiered risk defence model supported through comprehensive assessments of by input from steering groups, a corporate the new risks associated with emerging resilience organisation and every function technologies and by ensuring controls are in place to manage those risks. Allianz Global Investors Sustainability and Stewardship Report 2023 84