All new and existing PGS suppliers are scored as part of our supplier risk process. This allows us to apply adequate control and management for companies within the various categories. Risk scoring and mitigation measures make it possible to manage the overall risk level of our supplier base. All suppliers are scored on five key elements: HSE risk, quality risk, criticality and procurement risk, performance and management risk and financial strength and reputation history risk.
We monitor and update the overall supplier risk matrix following regular meetings with the involved parties. Related actions include supplier relationship management processes, supplier audits, due diligence reports and technical meetings.
For certain categories of suppliers, we also perform additional corruption risk assessment and anticorruption due diligence prior to establishing a business relationship. These procedures are applied to the following types of business partner:
All types of agents (including ship and sales agents), representatives, lobbyists and intermediaries
- Sales consultants
- Suppliers of armed guard services
- Other suppliers of services and products requiring significant interaction with governmental authorities
- Joint venture partners
- Target companies for investment, acquisition and merger
- Other business partners or transactions that may expose PGS to corruption risk