CASE STUDY / LLOYDS
Lloyds puts people at the centre of SRM
Lloyds Banking Group is focused on keeping pace with an ever changing and complex threat landscape in its management of third-party risk whilst seeking to increase value in its supply chains for its customers. A people-first approach to SRM is helping it rise to the challenge.
M any consider SRM a speciality within procurement, but to the Lloyds Banking Group, it is much more. The financial services firm, which serves 30 million customers and employs 75,000 staff, drives SRM through its divisions, with single points of accountability for around 1,200 managed supplier relationships. The approach puts SRM in the hands of those who best understand the suppliers’ goods and services. The company has been considering how it ensures that its colleagues have the right capabilities, what learning they might need to undertake, and how to keep their skills up to date as business needs change. Lloyds Banking Group has been answering these questions with a capability assessment and learning programme for colleagues involved with SRM, in an organisation-wide project created with the help of State of Flux. It is not the most common approach. State of Flux research from 2019 shows only 17% of organisations have carried out skills and capability assessments to understand what skills they will need while only 46% of firms have invested in SRM training. Pauline Sears, Lloyds Banking Group senior manager, supplier management strategy and centre of excellence, says: “We have a central team in Lloyds Banking Group, who strive to continuously improve the Group’s SRM framework, and who are previous SRM practitioners themselves. A strong SRM
66 STATE OF FLUX
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