Our Human Rights stance is based on the Universal Declaration of Human Rights endorsed by the UN. Since 2013, we have made public our commitment to "Respect, Promote and Reparation of Human Rights" and our voluntary commitments on the subject.

Following continuous improvement, our policy has been updated in line with new societal challenges. See Current UDHR Policy.

We also support, within our management, other policies, including the Responsible Corporate Investment Policy, Diversity, Equity, and Inclusion Policy; Policy to promote healthy coexistence, gender equity, Alignment of labor practices with the SDGs, human rights Due Diligence, etc.

Human Rights Report 2023

We have 4 basic pillars concerning Human Rights

Human rights in business.
Human rights in supply chains.
Human rights and our collaborators.
Human rights in society.

Our Due Diligence Process

We conducted a Comprehensive Human Rights Due Diligence Assessment under the Ruggie methodology and the HRCA (Humans and Business Human Rights Institute Human Rights). Through Due Diligence, we can identify and prioritize the risks for management, strategic, tactical, and operational decision-making focused on preventing and mitigating human rights risks.

The assessment applies to collaborators, clients, suppliers, contractors, and the communities the Grupo influence at a corporate level. It is carried out with the support of the organization's experts, who assess the risks according to the areas or processes they lead. A list of Prioritized Risks determines this assessment.

The assessment criteria include occurrence probability and impact. We use a (1 to 5) scale (where 1 is the least serious probability/impact and 5 is the most serious probability/impact). The first result we obtain is the inherent risk. Then, we validate the controls associated with the risks and the impacted processes, yielding a second result –the Residual Risks Matrix with its respective Heat Map:

2021 Inherent Risks Heat Map

2021 Residual Risks Heat Map

In 2021, we assessed all Colombian operations, achieving the following results: In the inherent risk phase, we recorded 60% of the risks in low and 40% in medium-tolerable risks. And for the first time, we obtained results from the residual risk phase, where 100% of the risks were at low levels with controls and monitoring schemes, according to the impact and frequency generated.

For our direct human rights operations, since 2019, Grupo Bancolombia has implemented a methodology to assess human rights risks for creating and/or modifying products and services to proactively identify the risks that can result during these processes, managing them and establishing effective controls to protect, respect, and remediate human rights.