Lead, Procurement and Third Party Risk Management (PFA)

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Job Profile Summary:

Reporting to the Head of Finance, PFA, this role will become a member of a high performing team that identifies and leads complex, cross-functional strategic sourcing and contracting initiatives across the enterprise. Key spend categories supported by this role include gifts fulfillment, corporate premiums, events, travel.

This role will contribute to the profitability of PFA and generate positive return on investment for the Procurement and TPRM Function.  It will also ensure that 3rd parties’ risks, especially regulatory risks, are being addressed upfront during the engagement process. This role will be a gatekeeper to ensure all relevant risks owners are involved in the assessment of the engagement.  This role will also help drive efficiency in the sourcing process so that business can have a competitive edge in the market.

Job Description:

Responsibilities include, but are not limited to, the following:

Procurement

• Develop and maintain a comprehensive understanding of PACS’s and PFA’s policies and procedures related to supplier selection, contracting and ongoing management, ensuring all requirements are met and documented throughout the end-to-end process.

• Lead and/or contribute to the category management of assigned spend categories, including:

  • Establish strong relationships with internal business partners, and build a strong understanding of strategic business direction, requirements and priorities,

  • Develop category strategies, including key insights from robust market analyses / benchmarking processes,

  • Perform category governance, including leading and/or participating in category forums to build and foster the development of a cohesive, high-performing procurement team, and

  • Lead and/or support efforts to substantively progress the implementation of the category strategy across the firm.

• Develop, implement and/or manage strategic sourcing projects to select and negotiate with suppliers in order to ensure optimal supply chain performance, with a focus on quality, service, delivery, risk and cost.

Third Party Risk Management

• Manage and continuously improve the firm-wide Outsourcing and Third-Party Risk Management framework which includes an integrated approach for assessing and mitigating the risk of new and existing third-party suppliers.

• Ensure that risks associated with third-party relationships, before and after entering into contracts, are sufficiently identified, assessed, monitored and remediated via quality assurance.

• Manage and enhance the governance model to provide ongoing monitoring and oversight of the risks posed by intra-group and external third-parties.

• Manage the Supplier Risk Management platform and ensure data integrity.

• Monitor and update third-party risk assessment framework to respond and adhere to new and existing regulatory guidelines and initiatives.

• Identify and escalate key items of concern regarding new and existing third-parties, including the potential of concentration risk and fourth-party risk exposures.

• Collaborate with PACS Sourcing Partners, Operational Risk, Information Security and Technology Risk, Data Privacy, Business Continuity, Compliance, Legal, Sustainability, Audit, business areas and other assurance functions in the second and third line of defence to identify third-party risks and escalate those risks appropriately.

• Ensure completion of initial and recurring due diligence, performance reviews for outsourcing and material arrangements.

• Support Outsourcing Working Group and Outsourcing Governance Committee meetings, including prepare meeting materials, take minutes of meeting, follow up action items.

• Update procedures and templates at least on an annual basis, conduct training for the internal team and wider organisation, e.g. Business Contract Managers, Risk SMEs, intra-group and external third-parties.

• Maintenance of the MAS Outsourcing Register, SharePoint site and any other knowledge repositories.

• Conduct onsite visits for material outsourcing arrangements.

• Audit support (including request for information preparation and submission, single point-of-contact for auditors, remediation tracking).

Who we are looking for:

Competencies & Personal Traits

• Resourceful, innovative and results-oriented

• Professional and positive approach, self-motivated, team player in a dynamic environment

• Excellent communication and interpersonal skills with ability to influence and persuade across all levels of the organization

• Integrity, strong leadership and technical skills in procurement and vendor management

• Demonstrated ability to develop and implement risk management strategies

• Detail-oriented and able to work independently with minimal supervision

Working Experience

• Minimum 5 years in Outsourcing Governance, Third Party Risk Management and/or Vendor Management

• Experience in Procurement and Supplier Risk Management platforms is a plus.

• Proven track record of managing third-party risks and implementing effective risk management strategies.

• Strong understanding of regulatory requirements and industry standards related to outsourcing and third-party risk management.

• Knowledge of MAS Outsourcing Guidelines and relevant regulations

• Experience in the insurance or financial services industry is highly preferred.

• Proficient in Microsoft Excel, PowerPoint and Word

• Effective written and verbal communication skills

Education

• Degree in Business Administration, Finance, Risk Management, or a related field.

• Certifications such as Certified Third Party Risk Professional (CTPRP), Certified Information Systems Auditor (CISA), or similar are advantageous.

Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex, race, age, ethnic origin, educational, social and cultural background, marital status, pregnancy and maternity, religion or belief, disability or part-time / fixed-term work, or any other status protected by applicable law. We encourage the same standards from our recruitment and third-party suppliers taking into account the context of grade, job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements.