This statement is published by CRISIL Limited and its affiliated UK entities which provide research, analytics and risk services, pursuant to section 54 of the Modern Slavery Act 2015 for the financial year ending December 2022. This statement is designed to provide an overview of our business, our supply chains and is intended to detail our policies and procedures used to combat modern slavery and human trafficking. We are opposed to all forms of modern slavery and take our obligations in relation to slavery and human trafficking very seriously.

We are committed to acting ethically and with integrity in our business dealings and trying to ensure that there is no modern slavery or human trafficking in our supply chains or in any part of our business. Forced, bonded or compulsory labour, human trafficking and other kinds of slavery signify some of the severest forms of human rights abuse. We are committed to continuing to improve our practices to combat modern slavery and human trafficking.

Our Business Structure

CRISIL provides research, analytics and risk services in the United Kingdom through the following entities:

  • CRISIL IREVNA UK LIMITED is incorporated and registered in England and Wales with company number 04111165. Its registered office address is 125 Wood Street, London, EC2V 7AW, United Kingdom.
  • COALITION DEVELOPMENT LIMITED is incorporated and registered in England and Wales with company number 04328897. Its registered office address is 125 Wood Street, London, EC2V 7AW, United Kingdom.
  • GREENWICH ASSOCIATES UK LIMITED is incorporated and registered in England and Wales with company number 04052352. Its registered office address is 90 Basinghall Street, London, EC2V 5AY, United Kingdom.

References to “CRISIL”, “we”, “us” or “our”, are references to the three entities listed above.

CRISIL are majority owned by S&P Global Inc., registered in the United States of America with SIC number 7320. Its registered office address is 55 Water Street, New York, NY 10041.

Our Supply Chains

The supply chains that we use to provide our services primarily include:

  • professional and business services – consultants, advisors and recruitment agencies;
  • information technology – hardware and software and office equipment suppliers;
  • facilities management – security and postal staff; and
  • maintenance and catering – catering staff, cleaners and other office facilities service providers.

All CRISIL suppliers are expected to implement a zero-tolerance approach to modern slavery. We require all of our suppliers to conduct business in a lawful and ethical manner as part of our supplier on-boarding process and in accepting our supplier code of conduct. If a supplier does not meet CRISIL's standards and requirements, we will consider whether it is appropriate to work with them and, if necessary, either help them remedy any issues or take steps to terminate contracts.

In the last 12 months we have had no reported incidents of slavery or trafficking from our staff or suppliers.

Risk Assessment and Due Diligence

We consider the risk of modern slavery occurring in each of the jurisdictions in which we operate with reference to publicly available sources and our own knowledge.

To address any risks of modern slavery occurring in our supply chain, we aim to ensure that we only work with suppliers who align to our principles of acting with integrity, ethical behaviour and those who have a strong commitment to human rights, as set out below.

CRISIL considers the risk profile of all new suppliers and ask that the supplier:

  • sign an acknowledgement letter stating that the supplier (including its employees, representatives or otherwise) comply with all anti-slavery and human trafficking laws, regulations or otherwise; and
  • sign up to CRISIL's supplier code of conduct.

In relation to modern slavery and human trafficking, CRISIL's supplier code of conduct in summary requires that its suppliers:

  • act with the highest standards of honesty, professionalism, ethics and integrity;
  • demonstrate a commitment to equality of opportunity, diversity and inclusion in the way they conduct business and manage their employees;
  • afford staff the freedom to choose employment, not use any form of forced or involuntary labour and comply with the Modern Slavery Act 2015; and
  • implement working hours and pay staff wages which are compliant with relevant laws and jurisdictions.

As part of our commitment to tackling modern slavery and human trafficking we have put in place the due diligence procedures (as set out above) to help:

  • identify and assess potential risk areas in our supply chains;
  • mitigate the risk of slavery and human trafficking occurring in our supply chains;
  • monitor potential risk areas in our supply chains; and
  • protect employees or the alike who whistle blow.

Our Policies

In addition to due diligence on suppliers, CRISIL has a number of policies and procedures (as set out in CRISIL's code of ethics and CRISIL’s supplier code of conduct) which are relevant in relation to modern slavery and human trafficking and these set out our commitment to acting ethically and with integrity in our business dealings. These include:

  • an anti-bribery and gifts policy; and
  • a whistle-blowing policy.

CRISIL encourages a "speak up" culture. All staff are encouraged to report any actual or suspected breaches of CRISIL's policies and procedures in confidence and where such reports are made these will be investigated.

Training

All CRISIL staff have access to an online learning platform which provides information on modern slavery compliance. CRISIL raises awareness of the need for modern slavery compliance in key support teams by discussing the supplier code of conduct and encouraging initiatives designed to ensure that our supply chains are free from slavery and human trafficking.

Our effectiveness

CRISIL reviews its policies and procedures on an ongoing basis and measures effectiveness by looking at the number of reports of modern slavery over the course of a year and listening to feedback from clients, staff and suppliers.

We are always considering what more can be done in the context of due diligence of suppliers and looking at ways to further improve procurement processes with a view to continually assessing our suppliers.

Statement

This statement has been approved by DIRECTOR OF CRISIL IREVNA UK LIMITED on behalf of the executive board of CRISIL IREVNA UK LIMITED. This statement will be reviewed annually and made available on our website.