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 or 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.