Bankinter has a supplier relationship model based on collaboration, clarity, transparency and access to complete and accurate information. The Bank has established a single procurement procedure for all Group companies and guarantees transparency, free competition, equality and efficiency in all actions.
This policy was strengthened in 2017, partially as a consequence of European Central Bank and European Banking Authority recommendations to standardise, rationalise and order the processes for outsourcing of services. The new model includes the review of policies and procedures, the definition of the Bank's critical services, the setting up of a service inventory and a data repository, and the design of a communication procedure for both European regulators and supervisors and Bankinter's Internal Audit and Risks departments.
Another new development this year was the new procurement tool. It is a platform that enables procurement processes to be managed with maximum transparency, agility and robustness, and effectively complements the management of budgets and purchase order requests.
In 2017, the traditional procurement activity has notably increased due to the purchase requests received during the merger of the business in Portugal and those resulting from the major transformation projects that Bankinter is undertaking. This is a situation that will continue in 2018 and one which will also require the fulfilment of the Bank's new policies.
Bankinter's board of directors approved the new Suppliers Code of Conduct at the start of 2018. This forms the set of basic principles of practice and rules of professional conduct that ought to govern the actions of all its suppliers and establishes the ethical values that have traditionally existed in relations with them.
The purpose of the code is to ensure that all suppliers and subcontracted companies comply with the stipulations of the United Nations Global Compact, encourage sustainable development, ensure human rights, observe employment regulations and promote environmental protection, among other things. In short, it aims to make sure that suppliers share and respect the ethical values that guide the conduct of the Group and its employees.
The principles described in this code of conduct are an important component in the selection and assessment of suppliers, and failure to meet them could lead to the termination of their contracts.
Bankinter has also included a clause in its contracts with suppliers relating to ethical and social management, which commits them to such things as preventing corruption, ensuring data protection, not using child labour and guaranteeing stability of employment.
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