Bupa builds out high-risk modern slavery supplier policy
Bupa builds out high-risk modern slavery supplier policy | Insurance Business Australia
Life & Health
Bupa builds out high-risk modern slavery supplier policy
One NZ former supplier was found to be at ‘high risk’ last year
Life & Health
By
Roxanne Libatique
Bupa Australia (Bupa) has this year begun developing a high-risk modern slavery supplier engagement policy, according to the insurer’s 2022 Modern Slavery Statement.
The update came as Bupa revealed it is no longer working with one New Zealand high-spend supplier that was found, via a new ESG risk assessment, to be lacking in risk controls to prevent modern slavery.
“The assessment categorised one supplier into our New Zealand operations as high-risk, the supplier having engaged with the assessment but not indicating sufficient controls in place across their business to mitigate modern slavery risk,” Bupa said in its recently released 2022 Modern Slavery Statement. “In the time since this was identified, the services provided by the supplier were put to market as part of Bupa’s program to streamline procurement operations.”
Were the supplier to implement “sufficient” modern slavery risk controls, Bupa would consider doing business with it again in future, the insurer said.
Businesses at a higher risk of modern slavery do not necessarily have links to it, the insurer acknowledged.
“Our goal, in the first instance, is to engage with high-risk suppliers to understand their position and identify opportunities to offer support,” it said of the in-development policy. “In 2023, we will build on this approach to develop a high-risk supplier engagement policy that outlines steps Bupa will take when they are identified in our supply chain.”
Under the new form of assessment, Bupa surveyed 110 of its thousands of suppliers and heard back from 45% of those contacted.
Bupa’s 2022 Modern Slavery Statement
Bupa’s 2022 Modern Slavery Statement was released in accordance with Australia’s Modern Slavery Act 2018 (Cth).
The statement outlined the insurer’s approach to identifying and addressing modern slavery risks across its operations and supply chain in 2022. It also identified the ways the business is structured and how it interacts with suppliers and summarised the work that the insurer had undertaken during the 2022 reporting period to assess and manage modern slavery risks.
“This purpose underpins everything we do, guiding our decision making, business operations, and stakeholder relationships, including our commitment to uphold human rights in our business and its supply chain,” said Bupa APAC acting CEO Nick Stone.
“To deliver health and care to our 4.5 million health insurance and 2.7 million health provision customers, our Australian workforce of over 16,000 people is supported by thousands of suppliers from across Australia and New Zealand, as well as a smaller number from overseas.
“We know that it is vital we remain vigilant to modern slavery risks within our supply chain, as well as within our direct operations, and are committed to working alongside the Australian government, the healthcare sector, and the wider community to mitigate and address these risks.”
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