Being Proactive About Business Integrity Risk
In our day-to-day business dealings, Foodbuy engage, interact, and work in partnership with a significant number of third parties. In turn, third parties can potentially expose us and businesses across our value chain to a variety of financial or reputational risks. For this reason, it is fundamental we ensure our high ethical standards are upheld in order to maintain the trust and confidence by our clients, investors, supplier, shareholders, other key stakeholders and employees.
Third Party Integrity Due Diligence (TPIDD) is a key integrity control as part of our Third-Party Risk Management (TPRM) approach, from initial contact with third parties throughout our business relationship with them. Our TPIDD, launched in 2023, sets out the expectations, requirements, and minimum standards to ensure that we adequately assess and keep under review the ethical compatibility with new and existing third parties including those within our value chain.
Business integrity risks covered under this policy include:
Our TPIDD process, currently in its pilot stage, is supported by a technology tool (currently OneTrust) and covers the stages of screening, risk assessment, decision making and monitoring of new and existing third parties.
At Foodbuy UK, we have assessed 771 suppliers in accordance with this process to date, to assess their risks and upload assessment for those in high-risk categories. The TPIDD process now forms a part of our standard supplier onboarding process, ensuring all new suppliers are constantly monitored.
For more information, visit Compass Group’s Modern Slavery Act Statement.
