SIG Speaks Blog

Vendor Risk Management: A Proactive Approach

Colorful blocks that spell risk

SIG University student Hanne McBlain enrolled in the Certified Third Party Risk Management Professional (C3PRMP) Program while working at Information Services Group. She shares what she learned from her own experience with a data breach and how she is taking a proactive approach to IT vendor risk management to mitigate future business disruptions.  


In times of cost-cutting, vendor management functions that include third party risk are often the first to go or be significantly reduced. Many senior executives fail to see the value these functions bring and are usually happy to cover third party risk as part of a general risk function.

Stakeholder Support is Critical

I previously worked for an organization that prided itself on not relying on third parties for any critical functions. Redundancy was abundant and built into every platform, and on the surface, there was not much to worry about when it came to third party risk.

During my time there things started to change. We convinced the organization to implement a third party risk management framework. But with no experience in this area, we were fighting an uphill battle. We managed to win support and quickly implemented standard due diligence and on-going monitoring of critical suppliers. The business stakeholders generally regarded the added due diligence and tracking as unnecessary and bureaucratic.

Hanne McBlain, Director - ANZ Managed Services

SIG Speaks Weekly Briefing - August 19

Here's your weekly update on the latest thought leadership, networking events and training with SIG. 

Artificial Intelligence Use Cases: Identifying and realizing the real value

In recent years, the procurement function has embraced the idea of Artificial Intelligence (AI). As organizations are getting serious about leveraging the technology, an attempt is being made to understand its applications. Download this free eBook to gain insight into how AI can transform your daily practices.

Learn Essential Capabilities for Modern Procurement and Finance

Most procurement and finance organizations struggle with data quality and visibility. Even the most sophisticated teams still find themselves stuck in a reactive mode. This eBook explores some of the technology trends and business practices that are helping to define a new, strategic role for procurement.

Future of Sourcing Articles

Millennials are known to be early adopters of technology and innovation. Read how this generation is driving digitization in our industry.

Mudit Kumar of GEP walks us through the key dimensions of advanced data analytics in the procurement domain we should seek to understand.

Hailey Corr, Content Manger

SIG Speaks to Alex Saric, Chief Marketing Officer, Ivalua

Alex Saric is the Chief Marketing Officer at Ivalua.

Alex Saric is Chief Marketing Officer at Ivalua and has spent over 17 years of his career evangelizing Spend Management, shaping its evolution and working closely with hundreds of customers to support their Digital Transformation journeys. As CMO, Alex leads overall marketing strategy and thought leadership programs. At SIG's Eastern Regional SIGnature event on September 12, Alex will show you how to map a path that allows you to rapidly progress to best-in-class procurement to establish a competitive advantage in your company. He began his career in the U.S. Army Cavalry, leading tank and scout platoons through two combat deployments. Alex holds a B.S. in Economics from the U.S. Military Academy at West Point and an international M.B.A. from INSEAD.


How should success be defined when it comes to digital transformation?

The temptation, and what we see most often today, is viewing it as performance on a set of metric benchmarks. Falling in the top quartile or top 20% of metrics, like percent under management and a level of touchless invoicing can qualify companies as best-in-class, which is often viewed as a success. These metrics are good to track and work toward, but they should be interim objectives on a longer journey. If those are your goals, you are on a path to mediocrity, not toward being a strategic value driver.

Stacy Mendoza, Digital Marketing Manager

SIG Speaks Weekly Briefing - August 12

SIG Speaks Weekly Briefing - August 12

Here's your weekly update on the latest thought leadership, networking events and training with SIG. 

Artificial Intelligence and Its Impact On Procurement and Supply Chain

Read how GEP is breaking down some of the essential AI concepts and showcasing the game-changing applications that they believe are most relevant in procurement and the supply chain.

Benchmark & Optimize Your Spend Strategy

Gain exclusive access to a chapter highlight from Coupa’s annual benchmark report, where they look at 3 KPIs across the source-to-contract process to gauge your organization’s progress and optimize your spend strategy.

Peer2Peer Inquiries

The SIG Peer2Peer program allows members to crowdsource best practices on topics specific to their needs. Members can leverage the experience of other industry professionals by posing questions to the greater SIG community on issues they are facing within their organization. Below are the latest inquiries that you are invited to respond to. If you're not a SIG member, submit your response to Mary Zampino: mzampino@sig.org.

Sourcing Project Request Form

Lend your expertise to a member looking to create a project form and to refine the process of end-to-end vendor engagement process for consulting engagements.

 

Hailey Corr, Content Manger

SIG Speaks to Steve Hughes, Chief Procurement Officer, College Board

Steve Hughes, Chief Procurement Officer, College Board

Over a career spanning more than 30 years, Steve has held senior procurement and operations positions with large and small, public and private, and for-profit as well as non-profit organizations. He joined College Board in 2016 after serving as Vice President of Global Sourcing at National Geographic Society, and prior to that, as Vice President of Supply Chain Management at Vertis Communications, a national printer of advertising circulars and direct mail promotions. Hughes started his purchasing career at Hallmark Cards in Kansas City following five years of military service as a U.S. Army officer at Fort Bragg, NC with the 82nd Airborne Division, where he completed 40 military parachute jumps.


 

What are some examples of the challenges and rewards you experience as CPO of the College Board?

As a CPO, the perception in most organizations I have been a part of is that Procurement is a bureaucratic bottleneck which stakeholders try to go around or engage only as necessary to get tactical transactions processed.  The challenge I have faced over and over again, including at the College Board, is transforming the way all levels of the organization think about the procurement function from being a shared services cost center to a strategic resource for the organization that optimizes the value we receive from our supply chain. 

While there are rewards in seeing an organization gradually change it perceptions of the procurement function, the greatest reward is the privilege of developing a team of procurement professionals who ultimately make that transformation happen through their efforts to build collaborative relationships with stakeholders.

Stacy Mendoza, Digital Marketing Manager

SIG Speaks Weekly Briefing - August 5

Here's your weekly update on the latest thought leadership, networking events and training with SIG. 

This Month at SIG

This month, SIG announces the finalists for the Future of Sourcing Awards, you’ve got one more shot to earn a sourcing, supply chain or risk management certification in 2019, and SIG CEO and President Dawn Tiura needs your help with a tail spend question.

Contingent Workforce Management Pinnacle Model™ Analysis

Everest Group is exploring what yields the best outcomes for overall contingent workforce management. Participate in the Pinnacle Model™ study for a complimentary summary of the findings.

Peer2Peer Inquiries

The SIG Peer2Peer program allows members to crowdsource best practices on topics specific to their needs. Members can leverage the experience of other industry professionals by posing questions to the greater SIG community on issues they are facing within their organization. Below are the latest inquiries that you are invited to respond to. If you're not a SIG member, submit your response to Mary Zampino: mzampino@sig.org.

Managing contingent labor - flash benchmark

Share insight into your company's standard processes to request, procure and manage contingent labor.

Hailey Corr, Content Manger

Cooperative Ecosystems: Finding Suppliers That Give A Damn

supplier ecosystems

When Barry Kull was going through the recruitment process at Novo Nordisk, his son was diagnosed with diabetes. Walking into his meeting, Kull was apprehensive about mentioning his son’s diagnosis, but when the conversation went such, Kull brought up it up. He was glad he did. “When I mentioned my son’s diagnosis, the CFO’s body language and energy absolutely changed. He leaned into the conversation and was genuinely curious about my son. He told me how Novo Nordisk addresses challenges that adolescent type 1’s encounter.” Kull realized that the executives at Novo Nordisk care. He is now proud to represent a company that, throughout the organization, empathizes with its customers.

Finding Suppliers That Care

Kull doesn’t expect suppliers to care as much as Novo Nordisk, but he expects them to understand why they care so much. He expects the suppliers to lead, to anticipate and to push their thinking. Kull believes that all procurement professionals should have supply partners that are good people with strong ethics.

The Cooperative Ecosystem

A cooperative ecosystem is a combination of different partners and suppliers that bring their own set of values to the table. The partners and suppliers work together to solve a specific problem or to create an opportunity.

In the context of launching a new pharmaceutical brand, the following is Kull’s (paraphrased) list of potential partners and suppliers that might be part of a brand-viable ecosystem:

Sarah Scudder, President, Real Sourcing Network

Future of Sourcing Awards Finalists Announced

Future of Sourcing Awards Finalists Announced

New technology, competitive drive and the desire to upend the status quo to influence innovation and enhance value are important characteristics for sourcing and procurement professionals in today’s world. As the digital transformation continues to accelerate at an unprecedented and exciting pace, SIG wants to recognize the change makers, movers and shakers who show innovation, leadership and transformation in areas critical to the sourcing industry.

This week, SIG announced the finalists for the second annual Future of Sourcing Awards taking place at the Fall Global Executive Summit in Carlsbad, California, on October 16. A panel of senior executives judged nominees in eight team categories and two individual categories. The teams and individuals listed below demonstrated ingenuity, initiative and innovation and showed the greatest achievements in terms of fundamentally changing the nature of their business and/or industry.

Stacy Mendoza, Digital Marketing Manager

This Month at SIG – August 2019

Multiple light bulbs on a blue background.

This month, SIG announces the finalists for the Future of Sourcing Awards, you’ve got one more shot to earn a sourcing, supply chain or risk management certification in 2019, and SIG CEO and President Dawn Tiura needs your help with a tail spend question.


Future of Sourcing Awards Finalists

The finalists for the second annual Future of Sourcing Awards were announced Thursday, August 1. To see who advanced as a finalist in eight team categories and two individual categories, check out Future of Sourcing on Twitter, LinkedIn and Facebook, or visit the Future of Sourcing Awards website

Stacy Mendoza, Digital Marketing Manager

SIG Speaks Weekly Briefing - July 29

Weekly briefing of all the latest news from SIG

Here's your weekly update on the latest thought leadership, networking events and training with SIG. 

CPO Rising 2019: #ValueExpansion

Ardent Partners, in association with Zycus, presents its 14th edition of the CPO Rising report, a comprehensive, industry-wide view into the state of procurement and captures the experience, performance benchmark statistics, perspective, and intentions of 300+ CPOs and procurement executives.

Plans & Tactics to Recession-Proof the Enterprise

The U.S. economy is reaching a record-breaking period of expansion but all good things must come to an end. Suplari has conducted a survey of finance and procurement professionals to assess the odds, outlook and what the plan should be in the event of a recession.

Latest Future of Sourcing Articles

Take a closer look at the threats, motives and malicious actors behind global internet attacks.

President of High Performance Procurement shares her insight into her achievements, ambitions and what she sees as the biggest challenges facing procurement.

Future of Sourcing Awards

Mark your calendar! Thursday, August 1 from 10am to 3pm ET the finalists for the 2019 Future of Sourcing Awards will be announced. The winners will be selected from the shortlisted finalists at the Fall Global Executive Summit.

Hailey Corr, Content Manger

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