Lloyd’s works with a range of suppliers of all types and sizes at local, national and international locations. Our aim is to deliver an effective and sustainable approach to all third-party sourcing and supplier management whilst achieving maximum value, minimising risk and driving efficiencies to invest in the future.
Your responsibilities as a supplier are outlined in below diagram.
Supplier code of conduct
Our Supplier Code of Conduct sets out the standards of business conducted at Lloyd’s, which all third-party and sub-contractors must comply with. We recognise that we work with a range of suppliers and expect the services/goods to be delivered to support the high standards of Lloyd’s and contribute to our reputation.
Lloyd’s will effectively monitor, manage and mitigate risk in its supply chain. With this in mind, we have outlined the requirements that will be requested from you while working with us.
Supplier Business Assessment (SBA)
In order to work with Lloyd’s all suppliers will be required to undergo our Supplier Business Assessment which is sent via our e-sourcing platform. The SBA asks supplier to provide company information in order for us to carry out our due diligence checks. Depending on the answers a supplier may be asked to carry out a further Third-Party Questionnaire.
Lloyd’s Third-Party Questionnaire (TPQ) is used to assess a supplier’s Data Protection methods, Information Security measures and Business Continuity plans.
A TPQ will be sent to suppliers as part of the sourcing activity dependant on certain factors i.e. If a supplier is
• processing personal data
• supporting an Important Business service
For our existing supply base, a TPQ will need to be completed on an annual basis.
Third Party Financial Crime Questionnaire
As an organisation that is regulated by the FCA in the UK, by international regulators and as a regulator itself, there is a requirement for Lloyd’s to have adequate controls in place to prevent breaches of financial crime related legislation.
As part of this all existing suppliers will be required to complete a mandatory Lloyd’s Third-Party Financial Crime Questionnaire while working with us.
Lloyd’s has signed up to The Fintech Pledge, committed to keeping the UK at the forefront of financial innovation. The Fintech Pledge sets world-leading standards to accelerate the growth of the UK’s fintech sector by promoting valuable partnerships between financial institutions and tech scaleups.