Modern Slavery Act Transparency Statement 2024
Introduction
This Statement is made pursuant to Section 54, of the Modern Slavery Act 2015 (“the Act”) and sets out the steps that Monmouthshire Building Society (“the Society”) have taken to prevent slavery and human trafficking taking place in our supply chains or any part of our business. This statement is for the financial year ending 30 April 2024.
The Society has zero tolerance to any kind of modern slavery within our business and is committed to ensuring there is no modern-day slavery within its supply chains.
About Monmouthshire Building Society
As a mutual building society, our members' needs are at the heart of everything we do. We were founded as a mutual building society over 150 years ago, and we believe that the mutual model is as effective as it has ever been.
Unlike banks, we are owned by our members. If you have a savings account or mortgage with us, you are a member of Monmouthshire Building Society.
The Society is regulated by both the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA).
Our Colleagues
The Society employs more than 300 people all colleagues are subject to vetting and referencing before employment commences and receive regular training on the Society’s values, including whistleblowing and financial crime.
The Society’s “Speak Up Policy” part of the Society’s Whistleblowing arrangements provides colleagues with effective reporting channels to raise any modern slavery concerns.
Mandatory training is in place for all colleagues which includes an understanding of the legal implications and awareness of the signs of modern slavery.
Supply Chains - Outsourcing and Third Parties
Our suppliers are predominantly UK based, where we use services outside of the UK there is a rigorous on-boarding process in place as well as standard contractual clauses.
A risk-based approach to supplier due diligence has been implemented to ensure there are sufficient controls and monitoring in place. Due diligence checks are carried out before entering into a contract with ongoing monitoring to ensure there are no changes to the risk profile of a supplier during the life of a contract and suppliers continue to meet the Society’s standards.
The Society understands the importance of continually reviewing and improving processes and will continue to invest in Procurement and supplier risk management.
Modern Slavery Action Plan 2024
The Society remains committed to taking reasonable steps to contribute toward helping eradicate modern slavery and human trafficking by:
- Challenging any abnormally low tenders/quotations to ensure there is no modern slavery within the suppliers organisation and/or supply chain;
- Keeping policies and procedures under review and where necessary strengthen;
- Fully embedding modern slavery within risk and AML assessments;
- Embedding ethical and modern slavery into all our procurement activities and supplier management;
- Measuring the effectiveness (key performance indicators) of the Society’s due diligence process to identify modern slavery;
- Ensuring the Society’s supplier Code of Conduct is kept under review;
- Ensuring the Society’s approach to modern slavery aligns to the Society’s Strategic direction.
This statement was approved by the Board on 25 September 2024
