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Corporate Governance - Nueva Polar

Corporate Governance

The Corporate Governance of  La Polar is a fundamental part of the business strategy and the commitment assumed by the current administration to continuously and systematically improve their practices.

This body ensures transparency in the work of all areas of the company; It allows to know how managers and executives manage resources; It provides instruments for resolving conflicts of interest between the various groups that make up that government and seeks to achieve balance within the system.

Similarly, corporate governance mandates and updated procedures within the company; It helps develop operations in a safe environment and supports managements shops, moderate level of risk.

Thus, thanks to all the efforts, restructuring and creation of mechanisms to get back on track with healthy relationships and reliable made by the current administration, La Polar has made substantial progress towards normalizing the operation.

In turn, the Board continues actively involved in the running of the company, which is evidenced by the 26 board meetings held during 2013.

Sernac according

In this context, one of the major milestones of 2013 was to have culminated with the first and most powerful stage of the Settlement Agreement with the National Consumer Service (Sernac), which was completed successfully in September.

The implementation of the agreement involved a million customers, so logistically it was a chore that had to be met without neglecting the daily work of the company. Furthermore, considering the strong social sanctions that affected the company malpractice committed by the previous administration, the margin for possible errors in this process was very minimal. Therefore, a special team with training and external partners created. At the end of the day we were able to meet one by one all the requirements imposed by the agreement reached with the Sernac for this first stage.

It is a tremendous success, as it is contacted with an average of 300 people a day, which was made without affecting the natural movement of the business.

The areas of collection, management and finance were key to carry out this mission. Especially the area of Consumer Protection which was coordinated with the Sernac, which was received complaints, discrepancies and it was resolved and arming a harmonious relationship with this organization, to reach agreement on each difference that was.

While this was happening, Polaris continued to consolidate its new model, a fact that was backed with an area of internal audit realized that it has become a very afiatado team with new hires that have strengthened this team.

Customer Protection

As for the daily settlement of disputes and customer complaints, the area of ​​Consumer Protection is doing a great job. As part of the Management Controller, operates independently of government and is responsible for resolving issues that are not solved by the usual route of the store (for example, after-sales service and other associated card credit).

When questionable situations usually look client privilege. If the client is not affected by a fault attributable to him and whose ruling involves an economic cost, this area compensation mandates customer must assume the cost responsible for the problem area.

Adapt to this customer focused vision has not been difficult for employees of the company. On the contrary, they feel very supported. The store sees that this area works and also the customer can see that is a timely response from the Company.

The aim is that this area is the second instance of conflict resolution, working with the look of “consumer protection” within the company. From the information provided internally multiáreas have been made to address the root problems that occur teams.

Proof of the good functioning of this team and the commitment of all areas involved, is that the number of claims has dropped to the number of transactions. Also in the Sernac there is a considerable drop in claims associated with La Polar, according to a report issued by that body to the first half of 2013, the claims of The Polar decreased by 50% over the same period last year.

Internal Audit

During 2013 approved by the Board of Directors in the area of internal audit and risk map of the company with third-party support was updated plans also met , allowing properly plan the work in this area in the future.

This year was designed and put into operation the warning system and monitoring “SAM” , which was created and designed by Internal Audit to generate alerts about situations that could cause recurring problems , such as deviations in the credit policy approved new cards , credit notes associated with purchases very old , missed sales policies , among others. In short, it is a support system of internal control that is based on surveys of audit, which can be tracked and enable regulatory compliance.

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