Working with a UK challenger bank to define a new operating model for procurement and complete urgent remediation to ensure regulatory compliance.
To discuss how we can help you with similar challenges please contact Mark Ellis.
- The client engages with customers exclusively online, by phone and through networks and is owned by one of the largest international financial services groups by market capitalisation.
- The bank had grown rapidly and recognised the procurement function needed to transform to ensure it could meet future requirements. It also needed to ensure its contracts were compliant with regulatory requirements and that it maintained control over key contractual risks.
- There was a clear need to understand current maturity and expenditure profiles as a basis for defining recommendations for a new operating model including consideration of outsourcing options.
- To identify the gaps, a comprehensive maturity assessment was completed with a rapid diagnostic to understand the ‘As-Is’ position.
- We completed functional interviews with all key stakeholders across all business entities to identify key priorities for both procurement and the functions they support. We also completed competency interviews to establish current team capabilities. Together, this provided a clear view of the ‘pain points’ in the current operating model, policy, processes and procedures.
- Using our expertise and the maturity assessment outputs, the 4C team developed a proposed new operating model that addressed the pain points and incorporated all business feedback.
- The 4C team then worked together with the client to complete implementation of the operating model, closing all gaps and ensuring procedures, process and policies were all in place.
- In parallel we also helped accelerate material contract remediation through the provision of expert resource that worked with the client’s own team and delivered upskilling through the process.
- As a result of our partnership, the client implemented a new operating model that was fit the future and the continued expansion of its business, addressing all pain points and business feedback.
- Real time data on their entire supply base was enabled through the provision of a new service.
- The client was able to report an improved risk position to the board and ensure compliance for the regulator through the accelerated completion of contract remediation for the material suppliers.