Annual financial statements 2004 - Euler Hermes ...

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Business Report 18 Risk monitoring by third parties Regulatory authorities and rating agencies are additional instances. The regulators define the minimum safeguards required. Rating agencies determine the balance between the risks run and the safeguards put in place by a given company. Euler Hermes Kreditversicherungs-AG has been rated “A+” and “A1” respectively by the international rating agencies Standard & Poor’s und Moody’s. Our internal auditing department and external auditors monitor in turn the functioning of the risk management system.
OUR STAFF A variety of changes triggered by the integration process of the Euler Hermes Group as well as, for example, in adapting to a new (international) legal framework face our staff with ever new challenges. Their competence, willingness to learn, flexibility and commitment are more important today than ever. We have high expectations of them, but offer in return opportunities for development. As of the 31st December 2004, the German Euler Hermes Kreditversicherung Group had a total of 2,125 employees. 1,222 of these were in the Head Office of Euler Hermes Kreditversicherungs-AG, 449 in the regional sales offices in Germany and a total of 454 in the subsidiaries Euler Hermes Forderungsmanagement GmbH and Euler Hermes Risk Management GmbH & Co KG. The share of women in the workforce (50.8 per cent) is almost equal to that of the men (49.2 per cent). The average length of service was 12.7 years, the average age was about 41.7. Up to December 2004 a total of 167 vacant positions were advertised, of which 77 were successfully filled internally. The fluctuation rate is very low and stands at 2.9 per cent. Internal career paths and opportunities for development are assessed and supported by measures including a potential assessment programme and internal job advertisements. In response to the results of the last customer satisfaction study, professional qualification programmes for our staff in 2004 focussed on further deepening knowledge in specific professional fields and on communicative competence. The emphasis in professional qualification was on themes such as balance sheet analysis, insolvency law and general legal issues. For the first time employees without a formal commercial qualification were offered a course leading to the standard qualification for commercial office work in Germany, culminating in an examination at the Chamber of Industry and Commerce. An important role was played in the year just ended by the company’s apprenticeship programme for training young people for future positions. Besides the programmes offered as a qualified insurance clerk or in various IT fields, we also offered a qualification at degree level in business administration on the German dual system, a type of sandwich course combining academic tuition with work experience. In all, Euler Hermes Kreditversicherungs-AG offered 32 apprenticeships in the past year. Against the background of an ever more integrated international group, employees again took advantage of the opportunities to work in other group companies in 2004. There is growing interest in international assignments. The exchange of experience and ideas as well as training carried out in other group companies are more and more proving a source of enrichment for many of our employees. This process is supported by a comprehensive programme of language courses. Business Report 19
Page 1: Annual financial statements and bus
Page 5 and 6: FOREWORD FROM THE BOARD OF MANAGEME
Page 7 and 8: BUSINESS REPORT 2004 Business Repor
Page 9 and 10: THE CREDIT INSURANCE MARKET The cre
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Page 15 and 16: RISK REPORT As a credit insurer, th
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Page 48 and 49: REPORT OF THE SUPERVISORY BOARD 48
Page 51 and 52: WHO TO SPEAK TO 51
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Page 55 and 56: DENMARK Euler Hermes Kreditforsikri
Page 57 and 58: Euler Hermes Zarzadzanie Ryzykiem S
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