Versik Analytics, the parent company of Sequel Business Solutions Ltd, is a leading data analytics provider serving customers in insurance, natural resources, and financial services. Using advanced technologies to collect and analyze billions of records, we draw on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into business workflows. Customers rely on our predictive analytics and decision support solutions in a variety of fields, including rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, and economic forecasting.
As a knowledge-based business, Verisk carefully integrates the skills and talents of more than 6,400 employees in areas including predictive analytics, statistical modeling, chemistry, engineering, economics, information technology, data management, and insurance. Many hold doctorates, other advanced degrees, and professional certifications. Approximately 97 percent are full-time employees, and 3 percent are part-time employees.
Almost 90 percent of our employees are based in the United States, Canada, and the United Kingdom. Another 2.5 percent are based in India, with the remainder serving in 24 countries across the globe.
Verisk does not engage in manufacturing operations, and none of our Tier 1 procurement spending is directed at agricultural or extractive businesses frequently associated with a higher risk of modern slavery. Procurement expenses are generally proportionate to the geographic dispersion of employees and the nature of our operations. The largest procurement spending categories include the aggregate cost of office leases, utilities, furnishings, building services, and office supplies; IT-related hardware, software, and services; professional services and consulting fees; data purchased from public and nonpublic entities; business air travel and associated lodging and meals; and insurance.
Given these business, employee, and procurement parameters, Verisk's direct exposure to modern slavery risk is likely to be limited. Nevertheless, we are conscious of the possibility of indirect risk through our supply chain, including providers of goods and services using lower-skilled and lower-paid workers (for example, accommodations, catering, and cleaning).
Verisk's Code of Business Conduct and Ethics, adopted in 2009 and amended as recently as 2016, commits the company to:
In anticipation of this Statement, we carried out a country-by-country analysis of the risk of exposure to modern slavery using research and information prepared by Verisk Maplecroft—a Verisk Analytics business and recognized leader in analyzing, quantifying, and enabling global organizations to identify and mitigate extra-financial risk to operations and supply chains. This country-level risk analysis of modern slavery was then evaluated in conjunction with the circumstances of our business, the geographic presence of our employees, and the type and distribution of our procurement spending. The exercise supports the following conclusions and informs the action plan that follows:
We will amend our Code of Business Conduct and Ethics to specifically prohibit the company, its employees, or business partners from engaging, abetting, or being complicit in acts of modern slavery. Violators may be subject to penalty, including termination of employment or contract. The amendment will encourage all parties to report to our confidential whistleblower hotline incidents that may have modern slavery implications.
We acknowledge the positive impact that educated and engaged employees will have in recognizing, avoiding, or addressing incidents of modern slavery. Thus, at the core of our plan is the development of a mandatory modern slavery training program for implementation with all staff serving in countries with a higher risk of modern slavery and all procurement-related and human resource–related staff regardless of location. In addition to its core content, the program will be designed to accommodate country-specific circumstances and highlight the existence of Verisk's whistleblower hotline. Such training will be delivered in person where practical and be repeated periodically as circumstances dictate.
In addition, for all Verisk employees worldwide regardless of position, Verisk intends to create a voluntary training module to add to our widely used employee online learning platform.
Verisk recently executed a contract with a leading risk and compliance organization to evaluate whether our Tier 1 suppliers are subject to sanctions and to scan content daily from news sources in approximately 200 countries to help identify whether such suppliers have been implicated in unlawful activity, including modern slavery or other human rights abuses. The evaluations will be prioritized across Verisk's current Tier 1 suppliers using size, location, type of service, and other criteria.
Prospective Tier 1 suppliers will be screened at the onset of their relationship with Verisk and subsequently monitored through news sources.
Verisk will address alleged violations, pursuing the appropriate remedial action or contract termination depending on the circumstances of the violation.
This year, Verisk will begin the process of introducing a Supplier Code of Conduct to our leading suppliers, current and prospective, which will address numerous behaviors in addition to confronting the issue of modern slavery. Suppliers will be expected to:
Suppliers will also be expected to acknowledge an obligation to communicate the relevant provisions to any employees, agents, and subcontractors assigned to service the Verisk account. Moreover, Verisk will reserve the right to conduct announced and unannounced on-site audits of the supplier's facilities and conduct confidential worker interviews in connection with such audits.
Verisk will address alleged violations, pursuing the appropriate remedial action or contract termination depending on the circumstances of the code violation and subject to the terms and conditions of the underlying contract
We will continue to monitor Verisk's exposure to modern slavery and update this Statement annually. For more information about Verisk Analytics or our Statement on Modern Slavery, please contact:
Senior Vice President, Corporate Social Responsibility
This Statement on Modern Slavery has been adopted by Verisk's Board of Directors as of
June 8, 2017, and is to be published on the company's main website, www.verisk.com.
Scott G. Stephenson
Chairman, President, and Chief Executive Officer