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 below.
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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.
Throughout the contract term and during renewal, suppliers may be required to evidence compliance with the code; Lloyd’s has the right to assess the supplier’s compliance at any time.
Lloyd’s expects businesses supplying goods and services to Lloyd’s to operate responsibly and matters relating to inappropriate conduct exhibited during that relationship are taken seriously. In the event of encountering, or having concerns about, the conduct of business pertaining to a Lloyd’s supplier engagement, including relating to bribery and corruption, suppliers should immediately report these to the inbox below.
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.
To work with Lloyd’s all suppliers will be required to undergo our Supplier Business Assessment (SBA) which is sent via our e-sourcing platform. The SBA requests suppliers to provide company information (banking details, ESG, Financial Crime, Information Security, Data, etc) in order for us to carry out our due diligence checks. Depending on the responses 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 or supporting an important business service.
For our existing critical/material suppliers, a TPQ will need to be completed on an annual basis.
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 monitored for any Financial Crime issues while working with us.
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supplychainmanagement@lloyds.com