International Personal Finance recognises that it has a responsibility to manage its indirect impacts and aims to consider the ethical, social and environmental impacts that arise from purchasing decisions.
We have responsible supply chain-management principles which set out clear standards for operating in a responsible way. This involves reviewing the ESG (environmental, social and governance) performance of our key suppliers and working in partnership with them to develop policies and practices that minimise sustainability risks within our supply chain.
In 2020, to help gauge the experience of our suppliers in dealing with IPF, we conducted our first Voice of the Supplier survey to gain a deeper understanding of how our businesses are perceived. Our suppliers told us that we are seen as a responsible, straightforward and respectful customer, and they value our collaborative approach and communication. A key improvement area was the frequency of sharing our vision and strategy which our suppliers believe would enable them to support us more effectively.
How we are improving our supply chain management:
- The Group Procurement Policy integrates responsible supply chain-management requirements into internal procurement processes. Each of our businesses has established processes for contract review, sign off and compliance monitoring.
- All suppliers with a consideration of £200,000+ must complete a responsible supply chain management questionnaire which allows us to assess their sustainability provision in areas including corporate governance, health and safety, labour standards, environmental management, anti-bribery and corruption and information security. This assessment plays a part in supplier selection.
- Suppliers identified as presenting a potential risk to modern-slavery due to sector, spend or geographical area are required to complete a Declaration of Operating a Slavery Free Business.
- We have provided employees in procurement (and other relevant departments) with training on our standards and processes and how to spot and react to modern slavery issues.
- We also include extra industry-specific checks and reviews for those suppliers deemed to be in higher risk sectors such as those who have direct contact with our customers or whose product contribute significantly towards our environmental footprint.