Procurement Heads has been retained to recruit a Vendor Performance and Risk Manager (Financial Services) as part of a multi-role, retained campaign.
Procurement Heads is delighted to be retained by a transforming, Dorset-based financial services business operating at the forefront of the financial services sector’s evolution to recruit a Vendor Performance and Risk Manager (Financial Services) as part of a multi-role, retained campaign.
In a revamped procurement function (now called Third Party Management) and reporting to a new Director of Third Party Management, you’ll be key to the organisation’s future success, managing and mitigating the risk of all core Financial Services suppliers across the enterprise.
Working within the Third Party Management function and with other key executives/functions, your role will focus exclusively on managing and mitigating the risk of the business’ core Financial Services suppliers – all of whom are integral to its performance and operation.
To be successful in this role, you’ll likely be working in financial services already or at a management consultancy and focussing on the world of asset management. You’ll also be pragmatic and resilient with the ability to communicate effectively to influence difficult suppliers and stakeholders at the highest level.
Historically, this business has been recognised for its values-based culture, providing excellent employee satisfaction and continues to offer a warm family feel.
The role will see you in the Dorset office approximately twice weekly and the rest of the working week can be conducted remotely.
As Vendor Performance and Risk Manager (Financial Services) your key responsibilities will be:
- Ensuring material suppliers are managed and governed in line with the regulatory requirements through the application of the board mandates, policy and Third Party Management Operating Procedures (TPMOP)
- Ensuring material supply arrangements have the relevant plans in place to manage and minimise the risk of important business services operating outside of the board mandated impact tolerances
- Working closely with other key executives and functions to align requirements for performance within the contracting model
- Supporting the Operational Resilience Director in developing Stress Testing Models with material suppliers in line with the regulatory requirements
- Responsible for negotiations and development of contracting models to maximise value and innovation whilst minimising risk with Material Suppliers – this encompasses everything from the initial selection of Suppliers to their effective integration into the supply chain which includes implementing and maintaining a Vendor Performance and Risk Plan
- Supporting the Third Party Management Director to evolve the Third Party Operating Model and TPMOP
- Providing input and reporting capabilities into regular centralised reporting to the Board, Exco and senior leadership team.
- Being responsible for contract reviews and management activity, ensuring compliance with the TPMOP
- Developing and maintaining a Vendor Performance and Risk plan covering the following:
- o Assurance
- o Quality
- o Service
- o Cost
- o Innovation
- Working with the Supplier Account Executive and Account Manager to progress the goals and objectives of the arrangement
- Developing and implementing a Third Party Management/Sourcing Strategy in partnership with key stakeholders, ensuring it is aligned with the overall business objectives.
- Fully understanding the details of the supply arrangements and the stakeholder map
- Drafting appropriate contracts and statements of work engaging specialist legal advice as needed
- Ensuring that the contractual arrangements have been assessed against the contractual review criteria and that the contract has followed the correct approval process as laid down in the TPMOP
- Understanding cost drivers and value levers when formulating specifications, ensuring value levers are a central part of Third Party Management activity
- Ensuring that stressed exit plans are in place during the pre-execution phase of arrangements. Where arrangements are already in place ensure stressed exit plans are developed during the renewal of the arrangements or at any significant change.
- Ensuring awareness of performance and quality issues within the business area, and providing commercial and contractual support for any interventions required.
- Maintaining accurate records including contracts, key communications and decisions and stakeholder maps
- Supporting the Operational Resilience Director in developing and implementing Stress Testing Models with Material suppliers in line with the regulatory requirements.
- Combining working with cross-functional teams, Change Management, CIO in the delivery of successful programs.
- With the support of the Market and Data Analyst ensure that stakeholders are fully informed with key information on the stability of the supplier and developments in the relevant market
- Providing evidence and tracking of benefits reports and contributing to the TPM cost management targets
Skills and experience:
- Deep Financial Services supplier expertise, ideally in the financial services sector
- Demonstrable stakeholder management ability with the gravitas to interact and influence at Exco level across the enterprise
- Demonstrable experience in a professional purchasing role, preferably within a FTSE 100 company
- A high level of legal acumen with a good knowledge of contract law.
- Strong knowledge of commercial models and approach/techniques necessary to achieve best in class supply arrangements.
- Demonstrate Integrity, Pragmatism and Good Judgement setting an example as a senior member of the Third Party Management Team
- Proven ability to deliver substantial cost-benefit and service-improvement outcomes
- Good relationship management and networking skills and experience are required for both key stakeholder and supplier engagement
- Strong negotiation skillset and able to influence outcomes
- Demonstrable experience in having successfully managed outsourcing contracts and associated schedules of legal agreements
- Strong organisational skills with an ability to plan, prioritise and deliver work to timescales.
- Strong attention to detail and capability to assess and mitigate relationship issues and commercial risk.
- A good understanding of relevant financial services regulations
- Dynamic and self-motivated style with an ability to deliver at pace and drive change
- Self-starter, able to operate will minimal supervision
- Willing to adopt a flexible approach to the fulfilment of work commitments.
- Educated to a minimum of A-Level standard or equivalent professional qualification (CIPS desirable) or business experience equivalent
- Previous Project Management experience
- Experience in the banking/insurance services market