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Head of Supplier Risk and Relationship Management (Associate Director)
Fidelity International
Dublin, OH, United States
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About the opportunity
Department Description
Fidelity Global Procurement has recently been formed to consolidate Procurement functions across the regions; it consists of approximately 55 staff based across India, UK, Continental Europe and Asia Pacific. The team manages approximately $700m of spend split between technology and non-technology categories. Currently the team is undertaking a global transformation programme to ensure it meets the organisation values and priorities.
Purpose of your role
The Head of Supplier Risk and Relationship Management is responsible for defining and delivering the organisation’s approach to Supplier Risk and Relationship Management. The role will be responsible for establishing the organisation’s approach to management of key Supplier relationships and will be required to work with a diverse range of internal and external stakeholders, including senior management. This is a new role part of the Global Procurement department.
Fidelity is transforming both its firmwide risk management model (implementing 3 Lines of Defence) and its Procurement capability. As a result it is enhancing its approach to Supplier Risk and Relationhip Management. One of the priorities is to design and implement a holistic Supplier and Risk Management Framework which meets regulatory requirements and enables delivery of Procurement’s business objectives.
Key Responsibilities
• Overseeing the Second Line of Defence responsibility for the Global Procurement function. This includes ensuring an efficient and fit-for-purpose Supplier Risk Framework, robust management and tracking of the risk control status for all suppliers and ensuring the development of supplier on boarding and risk management plans.
• Collaborating with leadership in stakeholder groups to ensure the Supplier Risk Framework is designed and executed to appropriately manage third party risk across multiple risk domains (Regulatory, Operational, Financial, Contractual, Information Security, Business Continuity)
• Designing the firm’s strategic approach to Supplier Management, determining how the organisation will manage supplier relationships, drive maximum value from supplier relationships, and meet all legal and regulatory requirements
• Establishing and maintaining a way of segmenting the organisation’s supply base to identify the highest risk and value relationships
• Identifying and maintaining an inventory of the organisation’s critical and important supplier relationships and implementing related systems and tools
• Defining and implementing the operating model for Supplier Management, clearly defining roles and responsibilities for all required activities
• Implementing supplier management activities, internal policies, standards, templates and best practices across the firm globally, providing training and support and creating a community of supplier managers across the organisation
• Providing leadership and direction to the global network of designated supplier managers
• Monitoring and reporting out on key Supplier Risk Framework elements, including overall effectiveness and maturity, successes and challenges, enterprise level assessment of vendor risk, issues of non-compliance
Experience and Qualifications Required
• Bachelor’s degree in business or related area of study and extensive experience in one or more of the following areas in the financial industry:
◦ Third party risk management
◦ Vendor/supplier relationship management
◦ Procurement/strategic sourcing
◦ Vendor contracting
◦ Enterprise vendor management office,
◦ Vendor due diligence/compliance audit
• Procurement: understanding of the entire supplier life-cycle, from initial supplier identification, through contracting to delivery of services through to exit of the contract and strong understanding of how Supplier Relationship Management operates as part of an overall set of processes which support delivery of services to the organisation
• Risk & Control: understanding of the principles of Risk Management, Control and assurance, define the required risk management activities and work with a range of stakeholders to develop an effective and sustainable approach to supplier risk
• Stakeholder management: experience of building relationships with a diverse range of internal and external stakeholders at all levels, across business lines, in all locations and with different cultures, experience of working in a matrix environment / delivering through teams of people the role holder doesn't directly manage or work directly.
• Supplier Management: experience of managing supplier relationships, strong understanding of the core activities required to manage supplier relationships successfully and ability to develop best practice approaches to managing suppliers
• Service Management: experience of managing delivery from suppliers, operational understanding of how supplier management works in practice and the key activities and touchpoints between the organisation and its suppliers
• Flexible, action-oriented team player with the ability to attend to the detail but also have the aptitude to understand and address the bigger picture
• Able to deal with ambiguity
• Open attitude to change
• Ability to develop and effectively present information to leadership in either written or verbal form
About you
About Procurement
Fidelity International’s Global Procurement function has recently been formed by consolidating Procurement teams from around the globe. Its staff of approximately 30 are based across UK, India, Continental Europe, and Asia Pacific and look after $650m of spend in 26 countries.
The team reports into the Global CFO and is organised into: (i) Technology Sourcing (ii) Non-Technology sourcing and (iii) Procurement Operations; which is based in India and Dalian. The Global Procurement Operations team provide support by way of application ownership, management and governance to procurement and procurement applications as well as providing back office “centre of excellence” delivering technical and administrative support.
Purpose of your role
To deliver global sourcing and procurement initiatives and on-going supply governance/risk management support for FIL’s Global procurement activity. The Associate Director of Sourcing seeks to achieve value for money services, maximise operational efficiency, and provide effective risk mitigation and operational controls across the range of supply arrangements FIL enters into. The role will be based in Fidelity’s Oakhill office near Tonbridge in Kent with periodic travel required to Fidelity’s offices in Kingswood near Reigate in Surrey and Cannon Street in London.
Your key responsibilities
• Leading and executing the development of global category strategy for ‘active’ management single expense line for both supply and demand levers
• Excellent relationship management and communication skills are required to ensure you are able to become and been seen as a trusted adviser to the senior business stakeholders;
• Leading demand challenge and driving innovation, i.e. establishing longer range plans, assessing opportunities and leveraging market developments/industry best practises to drive efficiencies and global cost savings;
• Driving procurement processes and taking responsibility for leading contract and service level agreement (SLA) negotiations. Ensure clear accountabilities, timelines and deliverables are established; and ongoing status routinely communicated to projects teams and stakeholders;
• Assisting and mentoring service owners in managing external supplier relationships in particular the performance management, service delivery, SLA monitoring and reporting;
• Proactively managing new suppliers, services and service extensions in conjunction with business sponsors and other stakeholders to maximise the benefits sought, e.g. financial, operational, risk mitigation etc.;
• Undertaking supplier and contract management activities, including: facilitating the setup and engaging in / providing oversight of key supplier governance arrangements; managing contractual processes & formal contract changes; supplier benchmarking & financial/risk assessment reviews;
• Ensuring accurate and up to date of contracts and supplier records are maintained, and commercially sensitive information managed in line with Fidelity’s information security standards;
• Maintaining awareness leveraging opportunities for and with other Fidelity Procurement teams globally;
• Keeping internal stakeholders informed of procurement activities and progress through collaborative working and pro-active communication. Establishing an engagement process & maintaining awareness with/alerting stakeholders of potential future procurement activity;
• Maintaining awareness of industry developments and best practises. Keeping abreast of potential new supply arrangements, latest products/services from a procurement perspective to prompt and promote innovation in FIL;
• Drive innovation and the continuous improvement of commercial standards and processes to strengthen procurement disciplines across the FIL organisation to maximise the value derived from / minimise the risk associated with the supply base.
Your skills and experience
• Developing procurement/business plans and team workload / resource planning;
• Strong market knowledge and evidence of utilising that knowledge to make changes to procurement plans and business decisions
• Experience of running formal Procurement processes on a Global basis.
• Procurement function leadership skills – extensive experience of leading concurrent procurement initiatives, contract negotiations, and the management of supply relationships across a range of procurement categories in a global services organisation.
• Achieving results through working with senior business managers and procurement specialists embedded in regional business functions around the globe.
• Experience of resolving disputes and commercial contract law concepts and contract term constructs
• Strong team working skills, and ability to operate across teams, cultural and organisational boundaries
• Experience of working in an ambiguous environment
• Ability to multi task and prioritise workload with a strong attention to detail and stakeholder management
• Excellent communication skills both written and verbal, and ability to visualise, articulate ideas and concepts succinctly
• Business aware and customer focused
• Strong negotiation, facilitation and procurement leadership skills
• Demonstrate broad understanding of financial management principles (e.g. TCO, p&L etc) and other quantitative information to ensure procurement outcomes are both financially and qualitatively sound
• CIPS or equivalent qualification/experience
About Fidelity International
Fidelity International offers world class investment solutions and retirement expertise. As a privately owned, independent company, investment is our only business. We are driven by the needs of our clients, not by shareholders. Our vision is to deliver innovative client solutions for a better future.
Our people are passionate, engaged, smart and curious, and we give them the independence and the confidence to make a difference. While we take pride in the excellence of our investment solutions and client service, we know we can always do better. We are honest, respectful and make tough calls, challenging the status quo to achieve better outcomes through innovation. Above all else, we always put our clients first.
Find out more about what we do, our history, and how you could be part of our future at:
www.fidelityrecruitment.com/about-us
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