Manager Sourcing, Procurement

Prudential’s purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people’s career ambitions. We pledge to make Prudential a place where you can Connect, Grow, and Succeed.

Reporting to the Head of Sourcing, this position shall be responsible to:
• Ensure that products and services are procured in a seamless manner, reduce the total cost of ownership, realize savings targets and customer satisfaction while ensuring that all procurement and sourcing activities / projects are in compliance to the applicable regulatory requirements and guidelines, and internal policies and procedures of the Company and Prudential Group.
• Manage vendors categories such as hardware, software, repairs & maintenance, licenses, cloud management, etc., including sourcing, performing due diligence, monitoring performance and ensuring compliance of vendors to the internal policies, guidelines, procedures and applicable regulatory requirements of the Company and Prudential Group.
• Assist the improvement of procurement strategies, methodologies, operating models, systems and procedures to ensure controls effectiveness, efficiency of processes, productivity enhancements while maintaining the highest degree of integrity.

Principal Duties & Responsibilities:

Procurement / Sourcing

• Implement procurement strategies, methodologies, operating models and best practices to leverage procurement and sourcing as well as addressing challenges for their strategic advantage.

• Implement sustainable and responsible procurement and sourcing policies to ensure the new and existing vendors meet the responsible supplier guidelines and framework in order to be in line with the Environment, Social and Governance (ESG) requirements.

• Ensure that the established standards and targets are met for all activities relating to procurement, sourcing, tender / auction, and vendors management.

• Support the business requesters’ requirements gathering, researching the market to meet requirements, identifying potential vendors, vendors evaluation, negotiation of contracts and vendors selection for all sourcing activities.

• Support the business requesters to identify potential new vendors and to facilitate the interview in order to secure more cost-effective sources of products and services.

• Examine the pre-qualification of vendors / service providers to ensure that only capable vendors / service providers (from the aspects of financial, technicality, competency, capacity, commitment and track records) are selected to participate in the project or tenders / auction.

• Provide negotiation advice and contract reviews for vendors, including pricing benchmarks, discounting methodologies and best commercial terms and conditions.

• Prepare the tender strategy, bid proposal / award papers to document the award decision for Management / Procurement Committee’s approval.

• Ensure that all procurement and sourcing activities especially relating to award of contracts and appointment of vendors comply with the internal policies and procedures.

• Work closely with all relevant parties to resolve underlying procurement / sourcing related issues.

• Implement effective category management, preferred vendors list, procurement savings methodology, vendor selection and evaluation criteria.

• Support the enhancement / improvement of Procurement system and processes, procurement related initiatives and influence vendors to optimize the usage of Procurement system.

Governance & Reporting

• Work closely with the Third Party Risk Management Team to ensure that vendors due diligence procedures are properly performed by the business requesters and are in accordance to the internal policies and procedures, and applicable regulatory guidelines.

• Build and maintain good relationship, and work closely with the internal stakeholders on procurement / sourcing related matters to ensure contract review requirements and vendor relationships are managed by the Business Contract Owners and Business Contract Managers while meeting the required standard quality.

• Ensure that all procurement operational tasks relating to purchase requisitions and purchase orders management are done on a timely basis and comply with the internal policies and procedures.

• Assist to update and continuously drive improvements in the procurement and sourcing policies and procedures from time to time to ensure relevance and applicability to the business environment and needs.

• Assist to analyze trends in Company spending and inventory control in order to make recommendations for the future, to identify areas for possible savings and to support targeted negotiations with vendors to realize expense savings.

• Assist to deliver procurement reports, requirement documentations and other procurement related reports as and when required, to the Management, Procurement Committee and Prudential Group.

• Assist the preparation of relevant reports to the Procurement Committee who is responsible to provide assurance on the effective sourcing, selection, contracting, negotiation and performance monitoring of vendors across the Company.

• Identify and escalate any potential non-compliant to the internal policies and applicable regulatory guidelines to the relevant governance committees.

• Provide support and assistance on issues identified from audit by external auditors, GwIA and Prudential SOX Team for procurement related areas.

Job Specifications:

Education

• Bachelor or Degree in any fields.

Experience

• At least 5 years of working experience in procurement / supply chain and vendor management.

• Experience in the financial services industry, such as insurance or banking will be an added advantage.

• Experience in any Procurement system, Coupa will be an added-advantage.

Knowledge & Skills

• Good negotiation and influencing skills.

• Strong communication skills (written and verbal).

• Ability to build relationships and collaborates effectively.

• Demonstrates excellent organizational skills.

• Independent and possess good work ethics with a positive attitude.

• Strict compliance with all applicable deadlines and able to work under pressure.

• Strong analytical and problem-solving skills.

• Proficient in Microsoft Office skills.

Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex, race, age, ethnic origin, educational, social and cultural background, marital status, pregnancy and maternity, religion or belief, disability or part-time / fixed-term work, or any other status protected by applicable law. We encourage the same standards from our recruitment and third-party suppliers taking into account the context of grade, job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements.