Suppliers And Vendors

Suppliers And Vendors

SAIB promotes responsible procurement across all its operations and encourages its suppliers to act ethically and responsibly. The Bank’s strategic procurement priorities are to: 

• Ensure a reliable supply of quality goods and services at a price acceptable to the Bank’s units. 
• Achieve operational excellence through a better understanding of the supplier base, optimal supplier contracts that leverage savings opportunities, and efficient governance processes. 
• Transform the supplier environment in the local market, in line with the Bank’s commitment to its sustainability strategy. 

The Bank operates a centralized procurement function at the Head Office according to the laid out standards for transparency, equity, and commerciality. Control measures are in place to reduce the reactive purchase of goods and services not in compliance with the unit’s approved budget. This reduces the risk of unauthorized purchasing of goods or services, ensures that the Bank’s resources are utilized for legitimate business expenses and establishes a proactive management process of determining and approving costs upfront. The Bank uses risk control self-assessments and internal audits to understand where there may be shortcomings in the procurement process that require effective control measures. Where risks are identified, corrective measures are implemented or procedures are changed to ensure that these risks are mitigated or reduced to an acceptable and controllable level.