Procurement and Third Party Risk Management: Global Asset Management Organisation
Project: Procurement and Third Party Risk Transformation
Client: Global Asset Management Organisation
This global asset management organisation wanted help with their Global Procurement transformation programme and the refresh of their 3-year strategic roadmap.
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.
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.