Purchasing process

Caja Madrid has established a procurement and supplier certification system that lays down the steps to be followed in negotiations, acquisitions, contracting and payments, based on selection and approval criteria that ensure the transparency of the entire process:

• The service to be provided is documented with the legal department so that all formal requirements are set down in writing.
• The selection process (initial assessment) for a new supplier is based on a checklist to verify their technical capacity, depending on the product or service in question, their official credentials or certification and references.
• The quality of supplier service is assessed on an ongoing basis, according to the type of service provided and the results obtained, compliance with labour, tax, environmental, hazard prevention regulations etc., and alignment with the operating principles of Caja Madrid.
• Regular meetings are held with suppliers to discuss their general performance and specific incidents and improve coordination with the organisation.
• Payments to suppliers are checked against the relevant accounting entries, in an automated process that avoids delays with respect to agreed payment periods.