VP, Head of Enterprise Vendor & Contract Management

Job Classification:
Project Mgmt, Transformation & Strategy - Project Mgmt, Transformation & Strategy

Prudential, a world leading Fortune 100 Global Insurance and Financial Services company is seeking a dynamic leader and executive to spearhead our newly established Enterprise Vendor and Contract Management function within Procurement, focusing on Vendor Lifecycle Management.

Role Overview

Reporting to the Chief Procurement Officer, the Vice President - Head of Enterprise Vendor & Contract Management will be an integral part of the Procurement leadership team, driving the strategic direction and execution of Vendor Management, Third-Party Risk Management, and Contract Lifecycle Management across the entire enterprise. Enterprise Vendor & Contract Management (EVCM) is a new function within an established Procurement department, with responsibility for bringing together several existing teams as well as establishing capabilities to address gaps in the existing operating model. You'll be responsible for designing, implementing, and optimizing best-in-class global solutions to effectively manage $billions in annual third-party expenditure across thousands of vendors.

• Vendor Management: Ownership and accountability for the enterprise framework for vendor management, encompassing the entire vendor management lifecycle. Addressing $billions in annual expenditure and thousands of vendors critical to the success of Prudential. This is a new dedicated discipline being established within Prudential.
• Third-Party Risk Management: Ownership and accountability for the enterprise Third-Party Risk Management framework, inclusive of evaluation, tracking and measurement of the risk associated with the purchasing of third-party goods and services, along with the reduction/mitigation of the business impact associated with these risks through compensating controls.
• Contract Lifecycle Management: Ownership and accountability for the enterprise Contract Lifecycle Management (CLM) strategy. Working in partnership with our legal department and other critical stakeholders to drive maximum efficiency across the entire lifecycle (negotiation/redlining, obligations management, exit). This is a new dedicated discipline being established within Prudential.

• Responsible for the design, implementation and optimization of a suite of multi-year strategies to deliver best-in-class solutions across EVCM functions (vendor management, contract lifecycle management and third-party risk management).
• Responsibility for designing and embedding target operating model, bringing together several existing teams consisting of internal and outsourced resources.
• The strategy must provide efficient and effective controls and operations across the globe into all business units and geographies of Prudential. Generating transparency, insight and control.
• In addition, the strategy must support organizational cost efficiency goals, ensuring maximum value is derived from $billions of annual third-party expenditure.

• Establish and maintain framework for ongoing monitoring and management of processes and services supported by Enterprise Vendor & Contract Management.
• Drive consistently high service levels across EVCM through development of key performance indicators (KPIs) and metrics to assess performance and track adherence to SLAs, conduct of regular performance reviews and implementing corrective actions as needed to address issues and drive continuous improvement.
• Leverage data and analytics to support the entire organization in making strategic business decisions through identification of trends, risks, and opportunities for enhancing performance and value capture.

• Ownership and accountability for vital control functions of Procurement at Prudential (CLM, TPRM, VM), providing a critical line of defense in protecting Prudential & customers across the globe.
• Identify, assess & mitigate third-party related risk as well as providing centrally coordinated governance and oversight for vendor related risk.

• Responsible for driving collaboration with senior stakeholders and executive decision makers across the enterprise to identify opportunities for further value capture as well as providing regular updates and insights to support decision-making.
• In partnership with our Legal and Risk colleagues, providing oversight for compliance with related/vendor third-party goods/services laws, regulations, and corporate policies, mitigating risks and fostering a culture of integrity.

• Standardize, streamline and automate related activities to deliver greater speed, agility and collaboration. Substantially reducing manual efforts, lengthy approvals processes and associated administrative costs.
• Establish a technology and analytics first philosophy to enable continual evaluation, refinement and optimization of EVCM procedures to deliver innovative market leading solutions that enhance efficiency, accuracy, speed, scalability and value.
• Significantly reduce deal cycle times, achieving faster turnaround from requisition to purchase order issuance and delivery of goods/services. Reducing onerous procedures, creating faster decision making and greater organizational agility, as well as greatly enhancing internal customer satisfaction.

• Lead and mentor a large team of internal and outsourced procurement professionals fostering a culture of collaboration, continuous learning, innovation and accountability to deliver increasing levels of performance across Enterprise Vendor & Contract Management.

• 15+ years of experience working within global organization Procurement departments with responsibility for the components of EVCM; vendor management, contract lifecycle management, and third-party risk management. Including at least 5 years in leadership roles.
• Demonstrable experience in the design, build and execution of global strategies across vendor management, third-party risk management and contract lifecycle management to deliver cost, quality and performance value. With proven track record of driving strategic initiatives and delivering measurable results in complex organizations.
• Strong understanding and ability to articulate the disciplines and structure that underpin the components of EVM, along with the ability to translate these into practical strategies that can be effectively implemented.
• Comprehensive experience in driving organizational efficiency through a range of practices including Lean Six Sigma, as well as optimizing through automation and introduction of leading technology
• Strong understanding of the external market and a continual pursuit of knowledge to understand evolving best practices, new technologies, advanced strategies and regulatory requirements to support the goals of the function.
• A proven track record and strategic focus in leveraging the power of technology and data to elevate Procurement's value proposition to the highest strategic levels.
• Experience in effectively managing large teams of both internal and outsourced resource, with proven ability to mentor and develop talent to increasing levels of responsibility and seniority.
• Excellent stakeholder management skills, with the ability to engage and influence at all levels of the organization to drive change, gain buy-in and build the profile of Procurement globally.
• Bachelor's degree in Business Administration, Finance, Supply-Chain, Legal Studies, or related field; advanced degree preferred.