Our supplier relations

Vendor management

Responsible sourcing

We are dedicated to doing business with suppliers that respect ethics, human rights, diversity and inclusion, and the environment. We set expectations of our suppliers through our Vendor Code of Conduct, which we expect all suppliers to adhere to while conducting business with or on behalf of Bank of America. We reserve the right to monitor compliance with the code using a reasonable and risk-based approach and framework that is suitable for small and diverse-owned businesses as well as larger businesses with more mature compliance programs. Our contract templates contain representations and warranties to ensure that our suppliers use socially and environmentally beneficial practices relevant to and in line with best practices in their particular industry.

Human rights

We are committed to fair, ethical and responsible business practices as we engage with our employees, clients, vendors and communities around the world. We have outlined our expectations and commitments in our Human Rights Statement, guided by the International Labor Organization’s Fundamental Conventions, the United Nations Universal Declaration of Human Rights, and the United Nations Guiding Principles on Business and Human Rights. We are also committed to preventing modern slavery and human trafficking in all aspects of our business and vendor supply chain as documented in our Modern Slavery Statement.

Supplier diversity

In 2020, Bank of America celebrates 30 years of commitment to engaging with diverse-owned companies. Through our Supplier Diversity program, we support the growth of minority, women, veteran, disabled, service-disabled veteran, LGBT+ and other diverse-owned suppliers. Through our continued focus, we spend nearly $2B with diverse businesses every year, which in turn helps communities thrive through business development and job growth.

Our commitment to supplier diversity initiatives includes:

  • Awarding capacity-building scholarships for executive education and entrepreneurial programs to help diverse business owners take their businesses to the next level
  • Encouraging participation in our Supplier Diversity and Development Mentoring Program – a high-touch mentor program customized for each company to drive optimum developmental impact
  • Delivering training to small and diverse businesses with insights on accessing capital and credit, expanding their businesses and creating local economic impact
  • Supporting non-minority owned businesses use of diverse-owned businesses in their supply chains

We have been recognized by a number of organizations we actively support, including the Billion Dollar Roundtable, the National Minority Supplier Development Council (NMSDC), the Women’s Business Enterprise National Council (WBENC), WEConnect International and the National LGBT Chamber of Commerce (NGLCC).

We support the development of diverse businesses, and are committed to spend Bank of America procurement dollars with diverse businesses, to help drive meaningful, lasting impacts within the diverse communities we serve.

Environmental sustainability

We are committed to driving environmental sustainability across our operations and supply chain. In 2016, we set our first-ever public goals to address greenhouse gas emissions in our supply chain with two supplier engagement goals. The first is to maintain a response rate to CDP (formerly Carbon Disclosure Project) supply chain climate change questionnaire of at least 90 percent, and the second is for 90 percent of CDP supply chain responding suppliers to disclose greenhouse gas emissions.

CDP is an international nonprofit that drives companies and governments to reduce their greenhouse gas emissions, safeguard water resources and protect forests. As a founding member of the CDP supply chain program, we have invited suppliers to respond to the CDP supply chain questionnaire since 2009. The annual CDP supply chain survey helps us understand climate change impacts on our vendors’ businesses and associated risks related to our global supply chain.

In 2019, we requested disclosures from 191 suppliers and achieved a response rate of 92 percent with 83 percent of the responding suppliers reporting greenhouse gas emissions. We are proud to report that in 2019, 65 percent of our responding suppliers are making additional commitments by setting greenhouse gas emissions reduction goals or renewable energy procurement goals. Each year, we provide individualized feedback regarding each supplier’s level of transparency and performance. This has facilitated an ongoing dialogue with our suppliers, which promotes collaboration and drives positive environmental change. In 2019, 36 suppliers proposed ways to work together on environmental projects.

View our CDP responses in the Report Center.

To learn more, visit the Supplier Relations Webpage.


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