VP, Head of Enterprise Vendor Governance & Contract Management

Job Classification: Project Mgmt, Transformation & Strategy - Project Mgmt, Transformation & Strategy Prudential, a world leading Fortune 100 Global Insurance and Financial Services company is seeking a dynamic leader and executive to spearhead our newly established Enterprise Vendor and Contract Management function within Procurement, focusing on Vendor Lifecycle Management. Role Overview Reporting to the Chief Procurement Officer, the Vice President – Head of Enterprise Vendor & Contract Management will be an integral part of the Procurement leadership team, driving the strategic direction and execution of Vendor Management, Third-Party Risk Management, and Contract Lifecycle Management across the entire enterprise. Enterprise Vendor & Contract Management (EVCM) is a new function within an established Procurement department, with responsibility for bringing together several existing teams as well as establishing capabilities to address gaps in the existing operating model. You'll be responsible for designing, implementing, and optimizing best-in-class global solutions to effectively manage $billions in annual third-party expenditure across thousands of vendors. Accountability: The Head of EVCM will have strategic ownership and functional accountability for 3 critical pillars of vendor lifecycle management (referred to collectively as EVCM within Prudential): Vendor Management: Ownership and accountability for the enterprise framework for vendor management, encompassing the entire vendor management lifecycle. Addressing $billions in annual expenditure and thousands of vendors critical to the success of Prudential. This is a new dedicated discipline being established within Prudential. Third-Party Risk Management: Ownership and accountability for the enterprise Third-Party Risk Management framework, inclusive of evaluation, tracking and measurement of the risk associated with the purchasing of third-party goods and services, along with the reduction/mitigation of the business impact associated with these risks through compensating controls. Contract Lifecycle Management: Ownership and accountability for the enterprise Contract Lifecycle Management (CLM) strategy. Working in partnership with our legal department and other critical stakeholders to drive maximum efficiency across the entire lifecycle (negotiation/redlining, obligations management, exit). This is a new dedicated discipline being established within Prudential. Key Responsibilities & Impact: Strategy Development: Responsible for the design, implementation and optimization of a suite of multi-year strategies to deliver best-in-class solutions across EVCM functions (vendor management, contract lifecycle management and third-party risk management). Responsibility for designing and embedding target operating model, bringing together several existing teams consisting of internal and outsourced resources. The strategy must provide efficient and effective controls and operations across the globe into all business units and geographies of Prudential. Generating transparency, insight and control. In addition, the strategy must support organizational cost efficiency goals, ensuring maximum value is derived from $billions of annual third-party expenditure. Service Management: Establish and maintain framework for ongoing monitoring and management of processes and services supported by Enterprise Vendor & Contract Management. Drive consistently high service levels across EVCM through development of key performance indicators (KPIs) and metrics to assess performance and track adherence to SLAs, conduct of regular performance reviews and implementing corrective actions as needed to address issues and drive continuous improvement. Leverage data and analytics to support the entire organization in making strategic business decisions through identification of trends, risks, and opportunities for enhancing performance and value capture. Risk Management: Ownership and accountability for vital control functions of Procurement at Prudential (CLM, TPRM, VM), providing a critical line of defense in protecting Prudential & customers across the globe. Identify, assess & mitigate third-party related risk as well as providing centrally coordinated governance and oversight for vendor related risk. Executive relationships: Responsible for driving collaboration with senior stakeholders and executive decision makers across the enterprise to identify opportunities for further value capture as well as providing regular updates and insights to support decision-making. In partnership with our Legal and Risk colleagues, providing oversight for compliance with related/vendor third-party goods/services laws, regulations, and corporate policies, mitigating risks and fostering a culture of integrity. Champion for optimization: Standardize, streamline and automate related activities to deliver greater speed, agility and collaboration. Substantially reducing manual efforts, lengthy approvals processes and associated administrative costs. Establish a technology and analytics first philosophy to enable continual evaluation, refinement and optimization of EVCM procedures to deliver innovative market leading solutions that enhance efficiency, accuracy, speed, scalability and value. Significantly reduce deal cycle times, achieving faster turnaround from requisition to purchase order issuance and delivery of goods/services. Reducing onerous procedures, creating faster decision making and greater organizational agility, as well as greatly enhancing internal customer satisfaction. Team Leadership: Lead and mentor a large team of internal and outsourced procurement professionals fostering a culture of collaboration, continuous learning, innovation and accountability to deliver increasing levels of performance across Enterprise Vendor & Contract Management. Qualifications 15 years of experience working within global organization Procurement departments with responsibility for the components of EVCM; vendor management, contract lifecycle management, and third-party risk management. Including at least 5 years in leadership roles. Demonstrable experience in the design, build and execution of global strategies across vendor management, third-party risk management and contract lifecycle management to deliver cost, quality and performance value. With proven track record of driving strategic initiatives and delivering measurable results in complex organizations. Strong understanding and ability to articulate the disciplines and structure that underpin the components of EVM, along with the ability to translate these into practical strategies that can be effectively implemented. Comprehensive experience in driving organizational efficiency through a range of practices including Lean Six Sigma, as well as optimizing through automation and introduction of leading technology Strong understanding of the external market and a continual pursuit of knowledge to understand evolving best practices, new technologies, advanced strategies and regulatory requirements to support the goals of the function. A proven track record and strategic focus in leveraging the power of technology and data to elevate Procurement’s value proposition to the highest strategic levels. Experience in effectively managing large teams of both internal and outsourced resource, with proven ability to mentor and develop talent to increasing levels of responsibility and seniority. Excellent stakeholder management skills, with the ability to engage and influence at all levels of the organization to drive change, gain buy-in and build the profile of Procurement globally. Bachelor's degree in Business Administration, Finance, Supply-Chain, Legal Studies, or related field; advanced degree preferred. Prudential Financial, Inc. of the United States is not affiliated with Prudential plc. which is headquartered in the United Kingdom. Prudential is a multinational financial services leader with operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, asset management, and real estate services. We recognize that our strength and success are directly linked to the quality and skills of our diverse associates. We are proud to be a place where talented people who want to make a difference can grow as professionals, leaders, and as individuals. Visit www.prudential.com to learn more about our values, our history and our brand. Prudential is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, national origin, ancestry, sex, sexual orientation, gender identity, national origin, genetics, disability, marital status, age, veteran status, domestic partner status , medical condition or any other characteristic protected by law. The Prudential Insurance Company of America, Newark, NJ and its affiliates. Note that this posting is intended for individual applicants. Search firms or agencies should email Staffing at staffingagencies@prudential.com for more information about doing business with Prudential. PEOPLE WITH DISABILITIES: If you need an accommodation to complete the application process, which may include an assessment, please email accommodations.hw@prudential.com. Please note that the above email is solely for individuals with disabilities requesting an accommodation. If you are experiencing a technical issue with your application or an assessment, please email careers.technicalsupport@prudential.com to request assistance. Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.4 trillion in assets under management as of Dec. 31, 2023, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for nearly 150 years. For more information please visit news.prudential.com. Our Commitment to Diversity, Equity, and Inclusion Prudential Financial, Inc. serves its customers in more than 40 countries and territories, and we seek talented, creative individuals from a variety of backgrounds, worldviews, and life circumstances to work with us. We are focused on creating a fully inclusive culture, where all employees feel comfortable bringing their authentic selves to work. We don’t just accept difference—we celebrate it, support it, and thrive on it. At Prudential, employees have a unique opportunity to build their career path by owning their development, their career, and their future. We encourage employees to hone their skills and explore continued opportunities within Prudential. PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), is a global investment manager with US $1.3 trillion in assets under management as of Dec. 31, 2023. With offices in 18 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate, and alternatives. For more information about PGIM, visit pgim.com. Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com. PGIM Inc. (PGIM) is the principal asset management business of Prudential Financial, Inc. (PFI), a company incorporated and with its principal place of business in the United States. PFI of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. Our Commitment to Diversity, Equity, and Inclusion Prudential Financial, Inc. serves its customers in more than 40 countries and territories, and we seek talented, creative individuals from a variety of backgrounds, worldviews, and life circumstances to work with us. We are focused on creating a fully inclusive culture, where all employees feel comfortable bringing their authentic selves to work. We don’t just accept difference—we celebrate it, support it, and thrive on it. At Prudential, employees have a unique opportunity to build their career path by owning their development, their career, and their future. We encourage employees to hone their skills and explore continued opportunities within Prudential.