The increasing strategic role of Procurement elevates modern teams well beyond cost control and the efficient purchase of goods and services. Procurement are now seen as key cross-functional business partners fundamental to managing exposure to operational, reputational and financial risk from third-party mismanagement or failure, comply with ever increasing regulatoy demands, and enable corporate goals - like Net Zero.
Procurement is a complicated beast. In any given year, your business will likely to be dealing with thousands of suppliers and procuring a multitude of products and services across many jursidictions. Manual legacy processes, data quality issues and siloe’d thinking about risk across different business functions all create challenges for procurement teams in managing third party risk. Continually evolving regulatory expectations including the The EU Digital Operational Resliience Act (DORA) and UK Operational Resilience Regulation, increase the cost of compliance (and non-compliance!) for firms.
That’s where Projective Group step in, our relevant experience spans TPRM strategy, implementation and managed services. To date, we have supported a multitude of financial and legal organisations by defining and implementing world class Third-Party Risk Management solutions. We bring multiple examples of where our work has unlocked multi-million euro savings for our clients.
This new role for procurement requires a more holistic, data-driven supplier engagement approach in which TPRM plays a key role, growing a healthier and more sustainable third-party ecosystem that helps to emphasise accountability within the supply chain. In return companies can reap benefits from increased cost transparency and risk management in the key areas of operational resilience, financial crime and sanctions as well as data protection and sustainability.
This new role for procurement requires a more holistic, data-driven supplier engagement approach in which TPRM plays a key role, growing a healthier and more sustainable third-party ecosystem that helps to emphasise accountability within the supply chain.
We work with global brands, helping them from operating model design through to implementation, and also running TPRM as a stand-alone managed service. Our experts advise clients on the latest in TPRM domains including financial crime and sanctions, sustainability and Net Zero, cost transparency, cybersecurity, data privacy and more.
Projective Group’s TPRM toolkit includes a host of ‘out of the box’ accelerators that can be rapidly deployed to derive value in the procurement function. It includes a current state maturity assessment, policy framework, ready-to-use TOM framework, risk-register templates and procurement and vendor management tooling assessments. The toolkit even includes the training needed to upskill your internal procurement teams and guide suppliers through an enhanced screening process.
We can help you to identify, assess and implement a world class TPRM operating model. Steps include updating policies, processes and contract clauses, creating a comprehensive third-party risk register and managing complex intra-group arrangements. We will help to achieve accurate, up to date and comparable data to support third-party due dilligence and drive actionable insight. To ensure that you can continuously monitor your third-party service providers we will work with you to identify critical third parties (and subsequent forth and fifth parties) that have the potential to disrupt your business. Putting in place supplier performance improvement plans, and establishing strong contingency plans will allow you to have ready exit strategies in case of poor performance.
As in all realms, technology plays an essential role in TPRM with supplier management tooling being used to improve the supplier engagement and onboarding process and automate key processes for your business. We have extensive experience partnering with leading vendor management and procurement systems, leveraging the latest technology capabilities including Generative artificial intelligence (GenAI) and workflow automation to enable the ongoing monitoring of vulnerabilities, advanced reporting, KPI and analytics. Extracting the very best from these tooling systems frees up your team to focus on actioning insights, delivering value and managing risk, rather than gathering and reporting data.
All these steps work to drive better decision making aligned to your risk posture and corporate goals. This leads to greater accountability across suppliers, reducing the frequency and impact of incidents on the organisation and underpins regulatory compliance. Greater tranparency of end-to-end operating costs provides the foundation from which to make more informed cost management decisions that will improve efficiency and productivity, with numerous examples of multi million savings from our work.
Talk to us today about how Projective Group can help your company design and implement a TPRM solution tailored to your requirements.
Established in 2006, Projective Group is a leading Financial Services change specialist.
We are recognised within the industry as a complete solutions provider, partnering with clients in Financial Services to provide resolutions that are both holistic and pragmatic. We have evolved to become a trusted partner for companies that want to thrive and prosper in an ever-changing Financial Services landscape.
