KeyBank continues its policy of providing equal opportunities to diverse business owners and welcomes such participation in our procurement process. Our second-tier reporting strategy serves to enhance, not replace those efforts. Through our second-tier reporting process, we strongly encourage our majority suppliers to share in our business strategy of utilizing qualified diverse businesses that can add significant value to the financial solutions we provide our clients.
Key has provided the following overview to support the awareness and execution of this business strategy.
Primary (Tier I) – Suppliers who contract directly with KeyBank to provide goods and/or services.
Second-tier (Tier II) – Subcontractors who provide goods and/or services to Tier I (Primary) KeyBank suppliers.
Second-tier direct spend (Tier II) – Second-tier direct spend is the process by which a contracted majority supplier subcontracts to a qualified diverse business for goods or services that directly support the fulfillment of a KeyBank contract.
Second-tier indirect spend – Spend contracted with diverse suppliers which have been prorated based on supplier sales and/or percentage of a supplier's total revenue. Second tier language will be incorporated into contract language.
If you are a current Tier I supplier of KeyBank, you are strongly encouraged to report your spend with diverse businesses.
By utilizing Ariba Sourcing for this process, KeyBank has automated how we request, communicate, gather, and consolidate reports from all the suppliers providing 2nd tier supplier diversity data. We have a central repository for managing this data and a sustainable process that will ensure long term scalability.
Additionally, Tier I suppliers will receive automated requests to submit spend data on a quarterly basis. If you are a Tier I supplier and have more questions, please contact Camille Bragg at 216-689-5321.