SIG University Certified Supplier Management Professional (CSMP) program graduate Zach Green discusses solutions for formally documenting a RACI around governance in the current IRA survey and developing training for governance and vendor management.
I will focus on Week two material, specifically Module 7 – Lesson 1 – Internal-Support. An area that requires improvement in our current Vendor Management Program is awareness, roles, and responsibilities. Program awareness is defined as knowing that a Vendor Management program exists and what the roles and responsibilities are for each stakeholder.
This essay aims to offer a solution or solutions to bring Vendor Management to the forefront of stakeholders' minds when they are considering procuring a new supplier and revise our current process to raise a clear understanding by implementing our RACI Matrix in a new way.
The first step is to ensure Executive Sponsorship. This step is critical to our governance program as this shows the rest of the company (Legal & General America, Inc.) that senior leaders are aware of our initiative and support our efforts. Second, executive leadership buy-in will give added weight and authority to the program. Lastly, by obtaining Executive Sponsorship, Vendor Management will align with our corporate objectives.
Once Executive Sponsorship is complete, Vendor Management will establish a RACI Matrix. This process is listed within our Vendor Management policies. However, the approach is located on our company intranet site. Given the location of our course, employees may need help finding this information. My recommendation is to begin incorporating the RACI matrix into our Internal Risk.
Zach Green, Vendor Management Analyst,Legal & General America, Inc.
SIG University Certified Sourcing Professional (CSP) program graduate Krollus Asaad shares how important it is to find trust in your procurement team and your business.
Krollus Asaad, Co-Op Procurement Analyst, The Bank of New York Mellon
SIG University Certified Third-Party Risk Management Professional (C3PRMP) program graduate Andrea Solano discusses how taking the C3PRMP program helped her to implement the framework for her team to operate as an optimal risk management and risk mitigation function across her department and enterprise-wide.
There are different types of workstreams and specializations that have been around a long time. However, the discipline of Third-Party Risk Management is something that is in the very beginning stages of inception. Currently, it is evolving into a discipline that many organizations shall be implementing as a standard operating function in the Silicon Valley business sector I work at. Working at Silicon Valley, the term Third-Party Risk management is still somewhat foreign and not understood as a critical and vital risk management function.
Third-Party Risk Management Function
The key role that I fulfill within the Third-Party Risk Management life cycle is in the due diligence process, which is the internal audit function that serves as a 2.5 – 3rd line of defense within my organization’s Risk Management Function. The SIG University Third-Party Risk Management training that I have taken throughout these past ten weeks has been highly instrumental for me. It will help create, build-out, and develop an internal audit framework that will be customized to meet the needs of this brand-new Third-Party Risk Management function within my organization.
Andrea Solano, Global Security 3rd Party/Outsourced Audit Manager, Facebook
SIG University Certified Sourcing Professional (CSP) program graduate Tim Johnson details the power of true sourcing optimization within the organization.
It is incredible how many companies are still using a basic RFP platform with minimal scope for optimization. Even the platform Excel has no capacity for optimization or sourcing processes to manage the sourcing of highly complex categories. None of these methods can deliver any substantial savings or ROI.
A simple and easy-to-use sourcing platform is all you would need – even if you are not a sourcing specialist – for a three-bids-and-a-buy sourcing project to source a single item. But if you have hundreds of suppliers and thousands of possible scenarios, a simple platform does not make the grade. As for trying to manage (and more importantly, analyze) complex sourcing events in Excel, that will require a full-time mathematical genius or a team of full-time employees for weeks or months on end trying to figure out the best outcomes.
To manage the sourcing of complex categories and create business value, you absolutely must use a solution that takes full advantage of the power of optimization complemented with artificial intelligence and game theory.
To be “complex” in the sense of the word here, a sourcing category needs to meet some combination of the following criteria:
SIG University Certified Intelligent Automation Professional (CIAP) program graduate David Romo-Garza discusses how discipline and organizational changes will create efficiencies throughout the lifecycle designed to implement Intelligent Process Automation.
Automating processes is still a challenging endeavor for multiple organizations. Lines of Business (LoB) continue to struggle to understand the steps that it takes to implement and manage Intelligent Automation efforts effectively. Bringing discipline to an undisciplined culture creates a multitude of barriers that have a trickle effect that prevents organizations from effectively automating their processes.
Navigating the Lines of Business and Processes
During my last position at my current organization, I experienced the pains and aches from both perspectives, the LoB and the Process Owner. On one end, I represented the LoB, who was trying to automate the due diligence procedures related to vetting our third parties. While the process was considered automated, it was ineffective and broken. It required countless manual tasks, including requiring end-users to save their assessments in an excel spreadsheet.
Additionally, the system design contained a detrimental limitation that prevented users from partially completing an assessment and returning later. The system did not have the ability to save progress prior to completing and closing their official assessments. Further, the system did not effectively introduce business controls designed for preventive nor detective error/compliant applications.
David E. Romo-Garza, Director of Business Risk and Controls
2020 was a great year for thought leadership sharing as everyone suddenly experienced the same issues all at once. Many of the innovations and trends we saw emerge will continue to be essential as we move to 2021. To keep you informed, we bring you a round-up of the top webinars of the year!
5 Procure-to-Pay Trends to Watch in 2020
With the new year upon us, it’s the perfect time to take a look at look at the future of procure-to-pay (P2P).
The State of Procurement’s Value Measurement: Evolution and Best Practices
Today, successful value measurement in procurement requires understanding the mindset of stakeholders and leveraging the trove of procurement data that's available.
Industry-leading procurement technology has one job: providing a robust yet easy-to-use system for transforming needed goods and services into value for a company so that it can excel at its own business.
Coronavirus Town Hall - Leveraging the Power of Procurement to Address COVID-19
Leaders in the business and nonprofit space share how organizations can -- and should -- bridge the gap between businesses and beneficiaries for the wellbeing of the world.
Here's your weekly update on the latest thought leadership, networking events and training with SIG.
Complimentary Location Market Report
Everest Group provides SIG buy-side members with a complimentary location report on Poland. The report helps sourcing practitioners stay ahead of competition in understanding key market dynamics and the related opportunities presented by this location.
Tap into a wealth of benchmark data to identify which procurement software provider best meets your organization’s specific technology needs with Spend Matters' SolutionMap Accelerator. SIG buy-side members receive a 20% discount.
Here's your weekly update on the latest thought leadership, networking events and training with SIG.
Managing Spend within a Gig Economy
Coupa and Forrester have come together to provide an on-demand webinar on how to better source, procure and manage your contingent workforce within your increasing external services spend.
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.
James Simmons walks us through what total talent management is, how we are doing it wrong and how we can start to do it right.
Martin Stark delves into the idea that companies wanting to meet the "social conscience" expectations of their customers must now focus their efforts on developing the capabilities of the circular economy.
Tap into a wealth of benchmark data to identify which procurement software provider best meets your organization’s specific technology needs with Spend Matters' SolutionMap Accelerator. SIG buy-side members receive a 20% discount.
Join Dawn Tiura as she interviews Givewith CEO Paul Polizzotto. He discusses how corporate social responsibility initiatives can drive business value by boosting employee morale, retention rates and investor confidence.
A lot has been written about RPA’s ability to link processes and automate services, but much less has been dedicated to the benefits of RPA from a system engineering point of view. Learn more about how RPA technology can be utilized.
Technology can be a double-edged sword when it comes to communication. It can make us more connected but in the same regard disconnected when it comes to real in-person interactions. How do we as leaders maneuver this complicated new world?
Here's your weekly update on the latest thought leadership, networking events and training with SIG.
A Report on Maverick Spend
The Hackett Group conducted a survey to gain insight into the strategic importance of maverick spend reduction, understand the adoption of specific procurement practices, and differentiate how top-performing organizations approach this topic.
Coupa and Forrester have come together to provide an on-demand webinar on how to better source, procure and manage your contingent workforce within your increasing external services spend.
Join SIG's B2B Private Social Network on TraDove.com
On November 20 at 1pm learn more about how to connect and collaborate with the best-suited buyers and sellers worldwide using AI technology with SIG's B2B Private Social Network on TraDove.com.
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 (1).png "Implementing the Third-Party Risk Management Framework into a New Third-Party Audit Program")
 (1).png "Getting Optimal Results from Complex Categories: Sourcing Optimization")
 (1).png "Intelligent Automation Implementation: A Matter of Discipline")
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Creating Vendor Management Awareness
SIG University Certified Supplier Management Professional (CSMP) program graduate Zach Green discusses solutions for formally documenting a RACI around governance in the current IRA survey and developing training for governance and vendor management.
I will focus on Week two material, specifically Module 7 – Lesson 1 – Internal-Support. An area that requires improvement in our current Vendor Management Program is awareness, roles, and responsibilities. Program awareness is defined as knowing that a Vendor Management program exists and what the roles and responsibilities are for each stakeholder.
This essay aims to offer a solution or solutions to bring Vendor Management to the forefront of stakeholders' minds when they are considering procuring a new supplier and revise our current process to raise a clear understanding by implementing our RACI Matrix in a new way.
The first step is to ensure Executive Sponsorship. This step is critical to our governance program as this shows the rest of the company (Legal & General America, Inc.) that senior leaders are aware of our initiative and support our efforts. Second, executive leadership buy-in will give added weight and authority to the program. Lastly, by obtaining Executive Sponsorship, Vendor Management will align with our corporate objectives.
Once Executive Sponsorship is complete, Vendor Management will establish a RACI Matrix. This process is listed within our Vendor Management policies. However, the approach is located on our company intranet site. Given the location of our course, employees may need help finding this information. My recommendation is to begin incorporating the RACI matrix into our Internal Risk.