Procurement and Third Party Management Lead

1 month ago

Milton Keynes, Milton Keynes, United Kingdom Motor Insurers' Bureau Full time
Job Title: Procurement and Third Party Management Lead

At Motor Insurers' Bureau, we are seeking a highly skilled Procurement and Third Party Management Lead to join our team. As a key member of our organization, you will be responsible for implementing and managing our Third Party Risk Management (TPRM) framework, ensuring the effective management of risk and driving value from our key third-party service providers.

Key Responsibilities:

  • Develop and implement the TPRM framework, ensuring compliance with regulatory requirements and industry best practices.
  • Collaborate with stakeholders to identify and mitigate risks associated with third-party service providers.
  • Develop and deliver training programs to ensure effective TPRM practices across the organization.
  • Partner with Third Party Accountable Executives (TPAE) and Third Party Relationship Owners (TPRO) to define a collaborative approach to sourcing and ongoing third-party management for assigned business areas.
  • Lead the delivery of end-to-end Procurement activity for assigned business areas, including sourcing approach, pre-qualification, tender, negotiation, preparation of contract, due diligence, onboarding, renewals, and offboarding.
  • Work collaboratively with Legal to ensure contractual documentation is drafted to contain adequate and appropriate commercial structure, all required clauses to ensure legal and regulatory compliance, and third-party performance criteria to drive delivery aligned to business needs.
  • Conduct supplier introductory meetings and performance reviews, monitor supplier performance against key performance indicators (KPIs) and service level agreements (SLAs), identify areas for improvement, address performance issues and agree improvement actions, supplier issue resolution, performance recovery, and exit-planning activities.
  • Contribute to the delivery of cost reductions, efficiencies, and value opportunities through delivery of Procurement and third-party management activities.
  • Provide Procurement and Third Party Management SME inputs, strategic commercial advice, and challenge at a senior leadership level.
  • Provide peer-to-peer guidance, challenge, and support to the central team in their delivery of Procurement services and Third Party management support to the business.
  • Work with Finance business partners to produce accurate budgets, forecasts, and supplier spend analysis, as required.
  • Support to develop and maintain an external network of Procurement and Third Party Management contacts to develop category expertise, drive market insight, leverage market commercial power, and bring technical and/or industry subject matter expertise back into MIB.
  • Identify and implement process and system enhancements as required, to drive procurement maturity and ongoing continuous improvement.

Requirements:

  • Procurement and third-party management experience in a fast-paced organization.
  • Strong influencing and stakeholder management skills, with a proven ability to build constructive working relationships with suppliers, negotiating to deliver results, enforcing contractual obligations, and achieving cost savings and improvements.
  • Highly credible and collaborative team member, comfortable to challenge, and with excellent influencing skills and the gravitas to establish trust and confidence of senior stakeholders (TPAEs and TPROs) at senior management level.
  • Sector experience of insurance and/or financial services is highly desirable.

What We Offer:

  • Competitive salary: £56,000 per annum.
  • 12-month fixed-term contract.
  • 35 hours per week, Monday to Friday.
  • Hybrid working arrangement, with 2 days in the office per week.
  • IT kit supplied.
  • Start-up allowance: £320 (before tax) paid in the first month's pay.
  • Contributory Group Stakeholder Personal pension scheme.
  • Life Assurance.
  • Employee Incentive Scheme.
  • 27 days holiday (plus public holidays).
  • Holiday purchase scheme.
  • Sports and Social Club.
  • 24/7 Employee Assistance Programme.
  • Free access to online tools to support mental and physical health.
  • Enhanced maternity, paternity, and adoption leave.
  • Paid carers leave.
  • 1 volunteer day each year and charity matched funding scheme.

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