Crossword Genius

Company embracing communist belief system (5)

Ross

I believe the answer is:

credo

'belief system' is the definition.
(I've seen this before)

'company embracing communist' is the wordplay.
'company' becomes 'co' (abbreviation).
'embracing' is an insertion indicator.
'communist' becomes 'red' (red is a kind of communist).
'co' going around 'red' is 'CREDO'.

(Other definitions for credo that I've seen before include "I believe in Latin" , "Dogma" , "Faith - I believe" , "Guiding beliefs" , "Part of the Latin Mass" .)

I've seen this clue in The Telegraph.
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