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Our commitment to supplier diversity.
Fulton Bank is committed to fostering diversity, equity, and inclusion in all aspects of our business, including our supplier relationships. We recognize that diverse suppliers bring unique perspectives, capabilities, and value to our supply chain. Our supplier diversity commitment is rooted in our core values of ethics and integrity; customer focus; and collaboration; and aligns with our strategic priorities.
At Fulton Bank, we are dedicated to:
Ensuring Equity: We are dedicated to promoting equitable business practices in our supplier relationships. We evaluate suppliers based on their qualifications, capabilities, and competitive pricing, without discrimination or bias. We also promote transparency and accountability in our procurement processes to ensure fair and consistent supplier selection.
Promoting Diversity: We are committed to engaging with diverse suppliers that reflect the rich diversity of our communities and recognize certifications of suppliers from reputable certifying organizations.
Building Relationships: We strive to establish long-term partnerships with diverse suppliers, working collaboratively to foster mutual growth and success. We provide support and mentorship to help diverse suppliers develop their capabilities and capacity, including access to resources, training, and networking opportunities.
Measuring Progress: We regularly measure and report on our supplier diversity efforts to track our progress, identify areas for improvement and celebrate successes. We set meaningful goals and targets to drive continuous improvement in our supplier diversity program and hold ourselves accountable to achieving them.
Engaging the Community: We actively engage with our communities to promote supplier diversity and economic inclusion. We participate in outreach programs, community events, and supplier diversity forums to raise awareness, share best practices, and encourage the growth of diverse businesses.
As part of our commitment to supplier diversity, Fulton Bank recognizes the importance of certifications from reputable organizations in establishing diverse status, and will continue to actively promote diversity, equity, and inclusion in our supply chain. We believe that by embracing diversity in our supplier relationships, we can drive innovation, create value, and contribute to a more just and inclusive society.
We recognize the vital role that our suppliers play in our success, and we value their contributions to our business. We are committed to upholding the highest ethical standards in all aspects of our operations, including our relationships with suppliers.
This Supplier Code of Conduct reflects our commitment to corporate social responsibility and emphasizes principles of integrity, transparency, effective governance, diversity, environmental sustainability, and social responsibility. We expect our suppliers to share in these values and adhere to the principles outlined in this policy.
By adhering to this Supplier Code of Conduct, our suppliers play a vital role in upholding the values and commitments of Fulton Bank to ethical conduct, responsible business practices, supplier diversity, and our local communities.
Fulton Banks’s Vendor Risk Management (VRM) program is an important component of the bank's overall risk management framework, enabling it to effectively assess, monitor and mitigate risks associated with its third-party vendors. In today's dynamic business environment, where banks increasingly rely on third-party vendors for various services and products, the VRM program plays a pivotal role in helping Fulton achieve its strategic objectives in multiple ways.
Enhanced Risk Management: The VRM program allows Fulton to proactively identify, assess, and manage risks associated with its vendors. This includes evaluating a vendor’s financial stability, regulatory compliance, information security, business continuity planning and other risk factors. By ensuring that our vendors meet the bank's risk tolerance thresholds, the VRM program helps Fulton mitigate potential operational, reputational, and compliance risks. Assisting in managing the risk of disruptions to the bank's operations and protecting its customers' interests.
Regulatory Compliance: Compliance with regulatory requirements is a top priority for banks. The VRM program helps Fulton adhere to various regulatory guidelines and expectations, such as the interagency guidance for third-party risk management, the Federal Financial Institutions Examination Council’s (FFIEC) applicable handbooks, and the Consumer Financial Protection Bureau's (CFPB) vendor management guidelines.
Information Security: VRM work closely with Information Security to assess vendor security controls and practices in place to protect sensitive data. This enables Fulton to work closely with the vendor community to stay abreast of trending security risks and implement technology to help mitigate potential issues.
Business Continuity: VRM in concert with the Business Continuity group review business continuity plans for applicable vendors assessing whether appropriate plans are in place to address potential disruptions, such as natural disasters, technology failures or other unforeseen events. This enables Fulton to assess the resilience of its vendor ecosystem and ensure that critical services provided by vendors can continue with limited impact from unplanned interruptions, safeguarding the bank's operations and customer service levels.
Cost Efficiency: Effective VRM practices enable Fulton to optimize its vendor relationships, ensuring that vendors provide value for money and deliver quality services. By conducting due diligence and ongoing monitoring of vendors, the VRM program helps identify potential cost-saving opportunities, negotiate favorable contract terms, and optimize vendor performance. This contributes to the bank's cost efficiency objectives and helps achieve cost-effective vendor management.
Reputation Management: Vendors can significantly impact a bank's reputation, as they often interact with customers on behalf of the bank. The VRM program helps Fulton ascertain that its vendors align with the bank's values and provide services that meet the bank's standards of excellence. This helps maintain customer trust, promote a positive customer experience, and safeguard the bank's brand image in the market.
Innovation and Agility: The VRM program supports Fulton's strategic objective of fostering innovation and agility. By evaluating vendors' technology capabilities, security measures, and ability to adapt to changing business and regulatory environments, the VRM program helps evaluate risk for vendors that can support its strategic initiatives. This enables Fulton to quickly onboard new vendors, leverage their expertise, and adapt to changing customer demands and market conditions, driving innovation and agility.
In conclusion, Fulton's Vendor Risk Management program is an important element of the bank's risk management framework and plays a pivotal role in supporting the bank's strategic objectives. It enhances risk management, enables regulatory compliance, promotes business continuity, optimizes costs, safeguards reputation, and fosters innovation and agility. By effectively managing risks associated with third-party vendors, the VRM program enables Fulton to mitigate potential risks, protect its operations, and achieve its strategic goals, contributing to the bank's overall success.
If you’re interested in doing business with Fulton Bank, please contact us here. Doing so will allow us to contact you if there’s an opportunity that fits your company’s description and you meet certain certifications.