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Gaining even more supplier assurance with Pooled Audits

How we helped Hiscox meet supplier assurance obligations with pooled auditing via FSQS Stage 3.

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Who are Hiscox?


Hiscox is a diversified specialist international insurance group listed on the London Stock Exchange and headquartered in Bermuda, with currently 3,000 staff across 13 countries and 32 offices.

Hiscox UK have over 100 years’ experience in insurance, protecting businesses of all sizes. So they've had time to fine tune their claims and customer services, plus create policies which are in-line with the risks their clients face. Today, they provide commercial covers such as public liability insurance and professional indemnity insurance for over 480,000 businesses in the UK.
hiscox

What was their challenge?

A need to establish a supplier audit process, to enhance existing processes.

Limited resources to undertake individual supplier assurance.

Assurance regulations complexity adding to workload.

FSQS Stage 3 has enabled Hiscox to meet their supplier assurance obligations without having to establish an in-house program. 

Utilising the pooled audit programme as part of their FSQS membership allows Hiscox to have in-depth visibility of their supply chain risk without establishing complex and costly supplier auditing procedures.

Pooled auditing with FSQS makes life easier for their suppliers. We believe that a single audit can benefit multiple buyers.  It also enables the supplier to have  control over who has visibility of the outcome.

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FSQS Stage 3 saves Hiscox a valuable resources and costs  whilst enabling  delivery of their supplier assurance obligations.


“Utilising Stage 3, has real cost benefits for both Buyers and Suppliers. It provides valuable, quality, information, assisting internal stakeholders and SME’s. FSQS Hellios’ administration of the services makes the process easy for both the buyer and supplier."

Gavin Huntington 
Head of Supplier Risk and Operations 

 

 

How Hiscox was able to benefit

Visibility across the supply chain for operational resilience 

Huge cost savings over individual auditing

Meeting supplier assurance regulatory obligations

Meeting and collaborating with other organisations through the FSQS community makes it so clear that most organisations are facing similar issues around auditing

Everyone benefits from learning how different organisations have approached and solved problems. Hiscox has also played a major part in developing the pooled audit  program, offering their insight into what the insurance sector needs.
 
“Working with suppliers to become part of the FSQS community means that everyone gets to benefit from Stage 3 pooled audits – we get the information we need and our suppliers don’t suffer repeated audits for the same information. Everyone wins.”

Sarah Rushforth
Supply Chain Assurance Manager
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With FSQS Stage 3 taking care of all supplier assurance activities, Hiscox are meeting the increasing supplier due diligence obligations, at the very highest level, in the most cost effective way.
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“Supplier audits are a time-consuming and complex process, with an ever-changing risk landscape. With FSQS taking care of the end-to-end audit process, Hiscox receive an in-depth report covering 200 controls, on the things that matter most to us.”

“As an organisation we’ve prioritised stage 3 as our auditing programme, running these pooled audits through our FSQS membership is a simple, efficient and extremely cost-effective way of meeting our supplier assurance obligations.” 

Gavin Huntington 
Head of Supplier Risk and Operations