Page 56 - CRISIL ESG Report 2023

We encourage our suppliers to evaluate their adherence to best-in-class policies and practices. These practices encompass protection of human rights, provision of safe workplaces, and environmental responsibility. Through self-assessments, CRISIL ensures that our suppliers adhere to minimum social norms such as OFAC compliance, minimum wage standards, child labour prevention, and anti-bribery measures. The assessments are conducted periodically, and any unfavourable responses on the above minimum social regulations from our suppliers are reviewed by business and corporate teams, leading to necessary actions, ensuring no material gaps remain un-addressed. Minimum adherence to social norms enlisted above forms part of the onboarding criteria for new vendors from 2023.
Supplier onboarding
Minimum adherence to social norms for onboarding vendors from 2023
175suppliers covering
32.4%
of our procurement spend assessed for ESG practices in 2023.
Considering the assessments done during 2022, the aggregate % of supply chain assessed till date based on current year’s value of business with them is
68.3%
300+
comprising suppliers
Restatement: In 2022, 48.9% (instead of 62% reported last year) of the supply chain in value was assessed, comprising 161 suppliers.
Supply chain diversity
CRISIL is committed to partnering with all suppliers with integrity in an ethical manner, as well as supporting and encouraging the aspirations of diverse groups.
CRISIL is conscious of the need for inclusive procurement, to deliver broader societal benefits by generating economic opportunity for disadvantaged communities. The CRISIL Supplier Diversity Framework welcomes marginalised
sections of suppliers classified as Micro, Small and Medium Enterprises (MSMEs) and businesses owned by women, veterans, people with disabilities, and from the LGBTQIA+ community. The framework also provides guidance for reviewing our spend through a diverse range of suppliers and defining goals for sourcing from diverse groups of suppliers.
54 ESG Report 2023
Responsible business conduct