We passionately believe that effective SRM is pivotal to our success in proactive risk mitigation. Lloyds Banking Group has a diverse and complex supply base so this is about ensuring that SRM is recognised as a skilled profession and that we can retain and attract talent.
Training for the future As well as defining roles, and helping recruitment, the diagnostics are feeding into a broader learning curriculum which includes company specific knowledge, for around 300 employees involved in supplier management. Those who demonstrate the requisite level of capabilities will be offered the opportunity to achieve external accreditation in SRM. A desire to increase value and manage risk in the supply chains provides the main business driver for developing SRM skills at Lloyds Banking Group. “Being in financial services, we need to make sure we understand which of our suppliers are critical to our organisation and have a robust control framework, which includes SRM. Ultimately, we need to know we can sustain customers’ trust in us via the products and services we provide. The risk landscape continues to evolve, so we need to constantly challenge ourselves, as do our suppliers and adapt to ensure the resilience of our supply chains. “We passionately believe that effective SRM is pivotal to our success in proactive risk mitigation. Lloyds Banking Group has a diverse and complex supply base so this is about ensuring that SRM is recognised as a skilled profession and that we can retain and attract talent,” Sears says.
With the industry-wide challenge of more effectively managing third party risk, the early signs are that Lloyd’s people-led approach to supply chain management could well catch on. Eyes on innovation Meanwhile, as consumer and business customers adopt new channels and digital services, the Lloyds Banking Group requires innovation from its suppliers to meet these ever-changing demands. “We are concerned with value, both in terms of suppliers delivering to the contract, but increasingly we are looking at those suppliers where innovation and creation of long-term value are important to us,” Sears says. Our intent is to embed this approach as a sustainable part of our ongoing SRM programme and make sure that when new employees come on board, they are able to take advantage of the diagnostic and structured learning programme which we expect to continue to evolve,” Sears says. For Lloyds Banking Group, SRM is vital in managing risk, increasing value through continuous improvement and accelerating innovation. It is laying the foundations for success in these challenges by understanding and developing SRM skills across the whole business.
68 STATE OF FLUX
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