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Sustainable Development
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Governance Aspect
Supply Chain Management
Supply Chain Management
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Supply Chain Management
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Supply Chain Management
Krungsri Group places importance on managing the relationships between the Bank and/or companies in the Financial Business Group, and vendors of goods and/or services, or “suppliers”, including sustainable supply chain management through establishment of the common standards of fair treatment of suppliers, including service providers, intermediaries, and agents for equality, fairness, and non-discrimination. All suppliers are managed and encouraged to adopt their corporate governance guidelines, while strictly complying with regulatory requirements related to self-governance and responsibly undertaking business by taking social and environmental issues into account.
Sustainable supply chain management promotes business continuity of Krungsri Group toward our set goals. It does not only reduce the risk of business interruption due to economic, social, and environmental impacts but also enhances cost management efficiency. In addition, the cooperation between Krungsri Group and vendors or suppliers in the development and creation of innovative financial products and services helps promote the flexibility of the domestic economy and finance system as well as transparency, thoroughness, and equality—eventually lead to sustainable supply chain management.
Management Approaches
Establish the
“Supplier Code of Conduct”
as a guideline to encourage all suppliers to adopt corporate governance guidelines and code of conduct standards in the same fashion as Krungsri Group did, particularly regulatory requirements related to their respective corporate governance guidelines, such as laws regarding countering all forms of direct and indirect bribery and corruption, and laws regarding human rights and labor, workplace well-being and safety. They are also encouraged to undertake their business responsibly taking into account impacts on social and environmental aspects. Therefore, Krungsri and companies in the Financial Business Group, as well as suppliers, can sustainably thrive together. The “Supplier Code of Conduct” is subject to review every two years to ensure alignment with the best practices domestically and internationally
The Supplier Code of Conduct covers four main aspects, namely:
Business code of conduct
Workplace, Well-Being,
and safety
Human Right and Labor
Environment
Supplier Code of Conduct
Supplier Code of Conduct
PDF
In this regard, Krungsri Group communicated with all suppliers about the “Supplier Code of Conduct” through our website (www.krungsri.com), including notifying them about the statements and The Spirit and The Letter, Environmental Disclosure Statement, and Human Rights Disclosure Statement, as well as social and environment responsibility with active vendors through email for their compliance. This is to encourage all suppliers to adhere to the same practices, in a similar manner to Krungsri Group.
Establish the
“Policy for Supplier Relationships”
as a guideline to promote governance and ensure that they are treated and managed in a prudent manner, as well as under the same standard, and not against laws, other internal policies and procedures. The Policy helps foster relationship between Krungsri Group and vendors or suppliers so that the business activities can be carried out in an efficient and fair manner and do not impact the social and the environmental aspects. Krungsri Group expects that the vendors or suppliers acknowledge and comply with the Policy as well.
Formulate supply chain management strategies
, with sub-strategies including increasing productivity and efficiency strategies to align with the Bank’s Medium-Term Business Plan. The supply chain management strategies consist of:
S
upplier management:
To ensure fairness and transparency and reduce risks arising from procurement activities.
Cost management:
Manage limited or multiple vendors in the market, outsourcing services, and centralized procurement.
Use of technology for procurement activities:
Develop tools or software to support procurement activities such as e-bidding software, developing AI systems for supplier identity verification etc.
Supply Chain Management Strategy
Supply Chain Management Strategy
PDF
Stipulate
“a fair supplier selection process”
with a focus on conducting procurement activities with honesty, transparency, fairness, accountability and auditability, in accordance with good corporate governance principles and best practices, by promoting and providing equal opportunities to all partners in conducting businesses with Krungsri Group. This also included small enterprises, those of the underprivileged, minority groups, females, disable veterans, etc., who are business owners to compete in offering products and/or services in order to gain a share of Krungsri Group
Furthermore, supplier selection process takes into account environmentally responsible procurement to enhance business operations in parity with related standards and reduce adverse social and environmental impacts. This includes establishing an internal procurement audit team to emphasize correct compliance with the procedures and providing training to review procurement processes for relevant employees within the organization to ensure understanding of correct procedures.
Established
Green Procurement
, Krungsri Group has implemented green procurement practices by establishing social and/or environmental criteria as selection criteria for suppliers. These criteria are specified in the Request for Quotation Form (RFQ) and the Request for Proposal Form (RFP). The same criteria are used to evaluate both active and new suppliers.
Establish appropriate
“credit terms”
for suppliers, with an average of 45 days, depending on the agreements between Krungsri Group and the suppliers. This also includes establishing practices to stipulate payment terms to suppliers, categorized by the characteristics of products and/or services provided, as follows:
Utility and government agency suppliers: payment within 15 days
Tourism and commission-based suppliers: payment within 15 days
Other suppliers: payment within 45 days
The payment period is counted from the date the vendor submits a complete and accurate invoice that meets Krungsri Group’s conditions. If there are factors preventing payment according to the above terms, the hiring department or accounting staff will notify the suppliers of the reasons in advance.
Established the procedure on
“Know Your Customer and Customer Due Diligence of the Third Party”
, requiring that all suppliers be verified to prevent making transactions involving conflicts of interest. Criteria have been clearly defined such as Related Party Transactions (RPT), Supplier Risk Assessment, or criteria for certain outsourced vendors that could impact business continuity, as well as compliance with the Bank’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) policy and Anti-Bribery and Anti-Corruption policy.
Require that risk assessments be conducted on suppliers, both new and existing, in terms of their economic situation as well as environmental, social and governance (ESG) risks
, according to specified evaluation or review criteria and through various channels such as questionnaires, business status verification, and supplier evaluations.
Formulate agreements to uphold and safeguard the confidentiality and proprietary information of Krungsri Group while Krungsri Group
is also obliged to protect suppliers’ information as stipulated in confidentiality agreements. The supplier sensitive information was also systematically stored with the access granted to relevant persons only. The data classification level was stipulated to serve as the operating guidelines in alignment with the policies and procedures. Furthermore, notifications regarding personal data protection have been disseminated through Email and the website (krungsri.com) to active vendors, seeking their acknowledgment and compliance with the Personal Data Protection Act B.E. 2562 (PDPA).
Conduct
“Supplier Classification”
to ensure that Krungsri Group can continually deliver customer services by grouping suppliers as follows:
Critical vendors
refer to vendors or suppliers that are highly crucial to Krungsri Group’s operations. There may be one or a limited number of critical vendors or suppliers. Their inability to provide services to the Bank could result in significant harm to the Bank’s business.
Significant vendors
refer to vendors or suppliers involved with specialized products and/or services. The nature of work is complex, and while it is possible to find replacement partners, it may take time to procure them. Therefore, this could impact business operations.
General vendors
refer to common vendors or suppliers. If they are unable to offer services to the Bank, it will not result in any harm to the Bank’s business.
Communicate to suppliers about the
Anti-Bribery and Corruption Program, covering all forms of bribery and corruption, both directly or indirectly, and become members of the Thai Private Sector Collective Action Against Corruption (CAC Recertification)
, as well as invite vendors or suppliers to join such anti-corruption organization. The Bank also specified and communicated about the Procedure for Gift and Entertainment.
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