Procurement and Third Party Risk Management: Global Asset Management Organisation

Project: Procurement and Third Party Risk Transformation

Client: Global Asset Management Organisation

Situation:

This global asset management organisation wanted help with their Global Procurement transformation programme and the refresh of their 3-year strategic roadmap.

Task:

3VRM led and coordinated transformation workstreams to deliver against the following scope:

• Design and implementation of a new / refreshed third party risk management framework to align with regulatory requirements;
• Support the redesign of procurement processes to increase efficiency and control of spend;
• Develop and launch of a capability framework to enable the fulfilment of the 3-year strategic roadmap.

Result:

Over a 2-year programme of delivery, 3VRM helped to oversee and enable significant enhancements to the organisation’s procurement function and third-party risk management approach.

Specific achievements include:

• An enhanced third-party risk management framework aligned with regulatory requirements and the client’s internal enterprise risk management framework (ERMF):
  • a new Global Procurement and Supplier Management Policy and supporting standard;
  • development of a new inherent risk assessment process;
  • selection and implementation of Aravo as a global SRM platform;
  • creation and delivering training materials to support framework adoption;
  • creation of a number of tools to help perform Supplier Management tasks.

• Partnered with Sourcing teams to deliver a new end-to-end Procurement process and category buying channel strategies to drive improvements in business engagement and enable framework adoption.

 

• Developed and launched an operating model capability framework for each Global Procurement team including; Sourcing, Purchase to Pay, Procurement Operations and Supplier Risk, to meet the objectives of the 3-year strategic roadmap.