Role profile:
Group Procurement is responsible for managing third-party supplier engagements, partnering with the business to drive high performance and sustainable value from our supplier relationships. We aim to make LSEG easier and more attractive to do business with and we consider our suppliers as a source of competitive advantage and not just about cost.
We operate a business partnering and supplier relationship management (SRM) model, aligned to stakeholder groups and spend categories, ensuring value through early and strategic engagement and insightful vendor spend analytics.
Some key characteristics of the Group Procurement organisation:
- Supplier spend c 2BN and c. 5,000 suppliers
- Team structured around:
- Three towers aligned to the master categories of spend (Technology, Services and Corporate), focused on category management, sourcing, supplier relationship management and business partnering
- A Strategy & Performance centre, enabling function to drive and implement the strategy of the Group Procurement function, best in class procurement policy and processes
- A Third Party Risk Management (TPRM) (1LoD) team responsible for operationalising the process to enable LSEG businesses to exercise robust management of risks associated with internal and external third party suppliers
- A Supplier Relationship Management team responsible for strategic partnership with key suppliers, and the Supplier Relationship Management Framework
- Key hubs for the category teams in London, Bangalore and New York with a small amount of decentralised activity to support local markets which are in various global locations including Europe and Asia
The purpose of the role is to support the Category Lead and Category Managers with the delivery of the category strategy and deployment of the supplier relationship management program, ensure quality issues are resolved with the supply base and monitor the PR/PO pipeline.
This role sits within Shared Services under Strategy & Performance with a strong functional reporting line to the Corporate Procurement Team. The Corporate Procurement Team is is responsible for global procurement activities which includes; engagement and ongoing management of third-party suppliers, sourcing and vendor strategy, for the categories in scope. E.g. HR. Marketing, Finance, Legal, Property, etc.
This Category represents a spend of c.516m, with key spend areas HR, Legal, Finance, Travel, Marketing.
The role will perform a combination of sourcing, supplier management and business partnering activities within his area of responsibility, with an emphasis on sourcing.
Although primarily aligned to the above category, this role may be required to support other sub-teams with Group Procurement.
Budget Responsibility: N/A.
Direct Reports: None.
Indirect Reports: None.
Key interfaces:
- With functional line management: Category Lead within Corporate
- With line management: Shared Services
- Category Managers and other buyers
- Group Procurement Centre of Excellence and Shared Services teams
- Business: Supplier business owners and budget holders
- Third party suppliers
- Key partnering functions: Legal, Finance, Third Party Risk Management (TPRM)
Key responsibilities of the role:
Support the delivery of the category strategy and deployment of the supplier relationship management program
- Contribute to the development of basic sourcing strategies, including identifying risks, key outputs and deliverables.
- Lead sourcing and negotiation for low to medium spend new agreements or renewals within own scope and escalating those that are not, analysing financial and commercial structure, engaging Legal as required and ensuring correct terms and conditions are applied
- Where a renewal within role scope is required, engage stakeholders to ensure renewal is required and scale is accurate
- Support Category Leads or Category Managers with SRM activities, manage allocated supplier relationships
- Support sourcing activities across the wider team (Category Leads or Category Managers in other categories), as required
- Assist Category Lead and Category Managers with PR/PO approvals
- Ensure PRs meet required standards - i.e. approval process has been followed, a fully signed LSEG standard contract and statement of work (if applicable) is in place, due diligence has been completed appropriately on new suppliers
- Ensure Category managers are kept informed
- Keep abreast of market and industry developments within role scope. Able to make recommendations on alternate sources of supply to inform specifications
Stakeholder engagement
- Engage with stakeholders across the business and key functions such as Legal, Finance and HR to progress queries and act as a point of procurement contact, with support from the Category Lead and other Category Managers
- Engage with budget-owners to obtain key information and explain procurement processes in line with agreed process and procedures. Deal with stakeholder queries escalating as appropriate
- Engage with key functions to obtain information and complete necessary actions such as supplier segmentation form
Managing BAU
- Information technology Maintain Procurement systems and tools (e.g. pipeline management tool, savings tracker, supplier and contract databases, Category spend metrics)
Ensure that purchasing, pricing and supplier master data is kept up to date on the relevant IT systems so as to maintain procurement and planning efficiencies
- Contract management Ensure that relevant contracts are in place for key suppliers as assigned and supported by the Category Lead
Monitor contract performance and able to identify when corrective action needed
Identify where it is necessary to vary a contract to deliver continuous improvement, draft robust variations and ensure proper approvals are sought
- Provide assistance to the business and suppliers across the end to end sourcing process, i.e. reviewing PR/POs, facilitating exceptions such as payment difficulties and ensuring timely delivery of goods and services, ensuring an excellent service is provided from within Group Procurement and other key stakeholders. Escalate when appropriate
- Actively promote continuous improvement by challenging process and procedure to identify and implement valid improvements
- Understand the Group Policies and the Group Procurement approach to IR35. Provide assistance to the Category Managers and Business to identify and appropriately resolve issues
The essential experience and skills required:
- 5-8 years experience in buying / procurement
- Strong experience in Indirect procurement and more specifically in procuring services
- Commercially minded and proficient negotiator
- Ability to liaise with and manage suppliers
- Experience in market and category analysis
- Strong IT skills (Office programs, Procurement systems desirable), ability to provide management information to assist sourcing and contract management process
- Ability to build relationships, influence and act as an expert across the organisation up to senior management level
- Ability to assess, prioritise workload and meet deadlines
- Strong analytical, problem solving, and decision-making skills
- The ability to maximise opportunities, i.e. challenge ways of working, adopt Group practices, seeks and provides information and clarification
- Teamwork - ability to work with other category teams, both local and an global to deliver high quality service
- Strong communication skills (written and verbal)
- Proficient in data analysis
- Educated to degree level
Desirable
- Procurement / supply operation qualification, e.g. MCIPS or IAACM, or working towards the qualification
- Experience in Procurement categories; Finance and Risk is an advantage, although not essential
- Experience of procurement in a Financial Services Regulated Environment, Information Services Companies; FinTechs; Global, multi-country organisations preferred
- Working knowledge of Power Bi
LSEG is a leading global financial markets infrastructure and data provider. Our purpose is driving financial stability, empowering economies and enabling customers to create sustainable growth.
Our purpose is the foundation on which our culture is built. Our values of
Integrity, Partnership,
Excellence and
Change underpin our purpose and set the standard for everything we do, every day. They go to the heart of who we are and guide our decision making and everyday actions.
Working with us means that you will be part of a dynamic organisation of 25,000 people across 65 countries. However, we will value your individuality and enable you to bring your true self to work so you can help enrich our diverse workforce. You will be part of a collaborative and creative culture where we encourage new ideas and are committed to sustainability across our global business. You will experience the critical role we have in helping to re-engineer the financial ecosystem to support and drive sustainable economic growth. Together, we are aiming to achieve this growth by accelerating the just transition to net zero, enabling growth of the green economy and creating inclusive economic opportunity.
LSEG offers a range of tailored benefits and support, including healthcare, retirement planning, paid volunteering days and wellbeing initiatives.
We are proud to be an equal opportunities employer. This means that we do not discriminate on the basis of anyone's race, religion, colour, national origin, gender, sexual orientation, gender identity, gender expression, age, marital status, veteran status, pregnancy or disability, or any other basis protected under applicable law. Conforming with applicable law, we can reasonably accommodate applicants and employees religious practices and beliefs, as well as mental health or physical disability needs.
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