PRA Group was founded on the belief that doing the right things for the right reasons for the long term will generate sustainable success and shareholder value. This approach is one of the driving forces behind our environmental, social, and governance (ESG) initiatives, which have become an integral part of the Company’s strategy and culture as they guide our corporate responsibility. Our founding principles govern our focus on creating rewarding careers for our employees and aiding in their development, treating our customers with respect and empathy, and giving back to the communities in which we work and live.
We foster a culture of respect and responsibility—creating an environment that strives for high performance, acknowledges the value of diversity, and provides development opportunities.
PRA CARES: We live by our core values. Around the world, we promote a common set of values and commitments among all employees that define how we treat each other, how we relate to our customers, and the responsibilities we have to our shareholders, regulators, clients, and others. We call these core values PRA CARES. They’re the principles that reflect our Company’s culture, why PRA Group was started, and who PRA Group is today.
COMMITTED to always doing our best work.
ACCOUNTABLE for our actions.
RESPECTFUL in our interactions with each other.
ETHICAL in every situation.
SUCCESSFUL because we work together as a team.
PRA Group leverages and promotes a broad array of forums and activities throughout the year to foster a high performing and highly engaged workforce. Our engagement activities reflect the diversity of our organization and respect for how different solutions can reinforce our core values through engaged and committed leaders and employees across our global footprint.
Founded on doing things the right way, for the right reasons, with a long-term focus, we make it a priority to give back to the communities where we live and work. Since our inception, PRA Group has given over $10 million to charitable causes around the world. We also organize regular opportunities for employees to volunteer and make an impact.
One of the core values of PRA CARES focuses on relating to customers. PRA Group fosters this core value through annual training for employees that interact directly with customers. PRA has a hardship policy designed to protect the elderly, sick, and those experiencing temporary or permanent financial difficulties that allows us to respond quickly to ever-changing circumstances, such as the novel coronavirus (COVID-19) pandemic. In the U.S., PRA Group does not charge interest or fees on unsecured accounts. During the COVID-19 pandemic, we temporarily suspended the initiation of new involuntary collections efforts and identified geographic areas that were particularly impacted by COVID-19 and proactively temporarily suspended collection efforts in such areas.
“At PRA Group, we value our employees’ diverse experiences, perspectives, and abilities. We continue to foster a sense of belonging by working together to build an equitable and inclusive culture—where you are free to be yourself and be your best.” Beginning as an outgrowth of our foundational CARES values, diversity and inclusion (“D&I”) programs, policies, and related activities have evolved into an enterprise commitment. Our full-time Diversity and Inclusion Leader and our D&I Steering Committee oversee our comprehensive D&I global strategy, local affinity groups, educational courses, and related programs across the organization to nourish employees as well as help to build and sustain the communities we serve.
Our Corporate Governance policies foster trust among our stakeholders by governing independent oversight, board refreshment, stockholder rights and alignment, and prohibiting illegal hedging and pledging.
PRA Group’s Information Security Program is built upon internationally recognized data protection frameworks and applicable laws and regulations. We continue to invest in innovative technology and enhanced processes to mitigate threats facing our environment. Commitment to Customer Confidentiality At PRA Group, we take seriously our commitment to keeping all personal and confidential information private and secure. PRA Group has implemented an information security management program designed to meet the protection needs of our global customers. Our program includes an information security policy, controls framework, standards, and procedures, all of which are designed to establish clear requirements to protect PRA Group’s customer personally identifiable information. Data Breaches We continuously strive to improve our technical and process controls to minimize risks for PRA Group and our customers. There may be occasions when unauthorized parties gain access to PRA Group’s customer information. The details associated with any such events are handled with the highest priority and upmost privacy.
Our Board of Directors has a dedicated Risk Committee, to which our Chief Risk and Compliance Officer (CRCO) reports. The CRCO oversees our compliance department and programs, including the annual training for all employees and directors. We also maintain an ethics hotline for employees.
In addition to the Nominating and Corporate Governance (NCG) Committee for environmental, social, and governance matters, the members of our Board of Directors have varying degrees of ESG-related experience ranging from a director who currently oversees cybersecurity, data privacy, and data governance to a director who was a trailblazer for women’s leadership roles in the private and public sectors.
We have the responsibility to manage our operations and resources in a manner that promotes sustainable practices to minimize our environmental footprint, so we focus our initiatives on minimizing energy consumption and waste generation at our offices.
