At Nordea we value our suppliers and supplier relationships highly
A close collaboration with our suppliers is critical to our success and ability to provide our customers with high-quality products and services.
E-sourcing and e-auction
E-sourcing and e-auction is a process of obtaining bids from different suppliers via a single online portal. Nordea will invite potential suppliers separately and provide them with more details and training on how to participate.
Nordea uses an e‐sourcing platform to collect information and proposals from potential suppliers. In addition to ensuring consistent and professional treatment of all potential suppliers, it provides our sourcing managers with: the newest templates and information and in turn ensures process compliance and a transparent and recognizable interface.
Additionally, Nordea might use an e-auction as supporting tool in the sourcing process.
Consultant services
Nordea has a mandatory consultant procurement process for the procurement of consulting services. The request, search, negotiation and contracting of consultants are handled through this process by the Consulting Services team.
This process ensures that the need for consulting services are met at competitive prices, terms and conditions, through:
- a clear preferred supplier strategy (suppliers appointed every second year through an RFP process headed by Consulting Services)
- framework agreements with standardised terms and conditions
- reporting and follow‐up of the consulting services volumes and prices.
The preferred suppliers are free to discuss potential assignments with relevant stakeholders, but Consulting Services must be involved in commercial discussions to ensure that Nordea’s Sourcing Policy is followed. The Consulting Services team manages the contact between the supplier account manager and Nordea and ensures that follow‐up and governance are performed in a formalised way.
Risks, terms and conditions
As part of the supplier selection process we conduct due diligence activities, such as supplier screening and Third Party Risk Management (TPRM) to identify and assess the potential risks to our business operations. As part of our due diligence we review the supplier’s financial health, reputation and compliance with applicable laws and regulations as well as the scope and effectiveness of the supplier’s operations and related controls.
Additionally, we require all our suppliers to operate in accordance with our sustainability principles as specified in our Supplier Code of Conduct.
All Nordea suppliers must sign an NDA before entering the supplier selection process. The NDA secures the rights of Nordea and suppliers in terms of disclosure of classified information about both parties. It is considered mandatory and non‐negotiable by Nordea.
Nordea applies a standard contract template when engaging with suppliers. Suppliers’ willingness to comply with the terms and conditions included in the Nordea’s standard agreement is one of the criteria for choosing our suppliers.