Company embraces revolutionary ideology (5)
I believe the answer is:
credo
'ideology' is the definition.
(a credo is a statement of one's beliefs)
'company embraces revolutionary' is the wordplay.
'company' becomes 'co' (abbreviation).
'embraces' is an insertion indicator.
'revolutionary' becomes 'red' (red can informally mean communist).
'co' going around 'red' is 'CREDO'.
(Other definitions for credo that I've seen before include "Belief system" , "Section of mass" , "Formal statement of belief" , "Part of the service" , "Words to live by; belief" .)