Integrity and transparency are integral to our business. In every situation, we hold ourselves and our suppliers ("vendors" term used interchangeably) to the highest standards of business conduct and integrity. We seek to ensure a work environment where integrity, fairness and professionalism are central values. We've a zero tolerance policy for breaches of ethics and expect our suppliers to adhere to the strict guidelines of our Supplier Code of Conduct.
Our partners must address risks responsibly and conduct their business in a socially and environmentally responsible manner.
We established and introduced our Third Party Risk Management (TPRM) framework to manage potential risks when working with third party providers. In addition to potential environmental risks, we also assess social and labor law-related risks, among others. We continuously monitor, raise and track issues, and if necessary, demand actions for improvement from suppliers and service providers.
We're currently updating our Supplier Code of Conduct policy, which will be made available soon.
Our firm operates in a highly regulated industry with many rules, laws and policies that must be adhered to in our supply chain management. We have established a comprehensive risk management framework and controls to address regulatory requirements and the wide range of risks encountered in our sourcing lifecycle.
There are set frequencies for reviews and quality criteria that translate into our minimum standards for vendor and contract management to ensure regulatory compliance and best practice in managing a responsible supply chain.
We segment suppliers and contracts into five levels of risk: 1-Critical, 2-High, 3-Moderate, 4- Low and 5-Very Low. The segmentation is an aggregate score based on risk assessments and indicators.