Procurement Transformation Lead

1 week ago

Hong Kong, Central and Western District, Hong Kong SAR China FWD Life Insurance Corporation Full time

About FWD Life Insurance Corporation

FWD Life Insurance Corporation is a leading pan-Asian life insurance business with over 13 million customers across 10 markets. Our company was established in 2013 and is focused on revolutionizing the way people feel about insurance. Our customer-led and digitally enabled approach aims to deliver innovative propositions, easy-to-understand products, and a simpler insurance experience.

Purpose

  • Key team member driving procurement transformation across the Group.
  • Lead the development and implementation of procurement strategies for technology, digital, and data-related categories.
  • Manage category management activities, sourcing, negotiation, and contracting process for strategic and material spend to drive leverage, deliver cost, and strategic benefits.
  • Lead vendor risk management and cost management initiatives.

Key Accountabilities

  • Manage procurement categories with a primary focus on technology, digital, data, and analytics-related spend and global vendor strategy.
  • Lead the development of category sourcing plans that set short, medium, and long-term goals and objectives, partnering with Group functions and business units' key business stakeholders.
  • Identify opportunities for operational efficiencies, risk mitigation, and cost savings.
  • Implement appropriate category strategies across the Group to deliver target benefits and financial savings.
  • Execute end-to-end sourcing activities, including internal requirement analysis, supply market analysis, sourcing strategy development, competitive bidding process, commercial, and contract negotiation. Collaborate with business stakeholders throughout the process.
  • Provide inputs for impact assessment and management of potential risks associated with different sourcing strategies. Conduct vendor risk management and due diligence activities.
  • Support procurement function-related transformation projects and organization development in Group Office and Business Units.
  • Key procurement business partner for designated business functions and categories. Support and provide guidance to stakeholders on procurement best practices and risk management. Build business partnerships, drive awareness, and compliance of policy across the Group.
  • Manage key vendor relationships to optimize performance on cost, service, and quality, including technical input to negotiations on strategically significant contracts.
  • Commit to deliver annual savings targets for designated spend categories.
  • Support the enhancement of procure-to-pay processes and development of contract management initiatives.
  • Support the development and implementation of vendor risk and lifecycle management frameworks.
  • Identify potential supplier rationalization opportunities.

Qualifications/Experience

  • Over 12 years of relevant experience in procurement managing technology-related categories. Strong understanding and hands-on experience of procurement category management best practices, global and regional supply markets, strategic sourcing, track record of end-to-end sourcing execution on high-spend strategic negotiations, contract development, and vendor management.
  • Experience working in financial institutions, preferably global/regional insurance companies, and relevant experience in top-tier consulting firms.
  • Experience working in dynamic, fast-growing, multi-national, and multi-cultural business organizations.
  • Bachelor's degree in Supply Chain Management, Business, or other relevant degrees.
  • Deep understanding and experience of contracts with complex structures and maintenance requirements.
  • A good technical appreciation of the range of procurement categories.
  • Knowledge and experience of source-to-pay systems, preferably Oracle Finance and Procurement systems.
  • Proven change management capabilities.
  • Excellent analytical and problem-solving skills with good attention to detail.
  • Excellent written and oral communication skills and strong relationship management with stakeholders at different levels.
  • Strong influencing skills at senior levels to influence acceptance of a new way of working and sourcing strategies.
  • Ability to negotiate at the highest levels with vendors.
  • Self-motivated, able to work independently, and in a team to drive cross-functional collaboration.

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