Vice President, Strategic Provider Management
- Newark, NJ
In support of Prudential's transformation journey, Prudential's Global Technology organization focused on optimizing its technology, operations, and cost footprint to ensure that the business is well-positioned for the future. The Workforce and Sourcing Solutions team is a key enabler of Global Technology's integrated strategy, ensuring that the right resource, location, and sourcing solutions are deployed to create measurable results and exceptional business impact.
A member of the Workforce and Sourcing Solution's leadership team, the VP, Strategic Provider Management will be responsible for ensuring that Prudential optimizes key strategic provider relationships during the entire lifecycle of the relationship from transition to operations. Leveraging strength in managing and governing partnerships, this role will establish and lead a world-class provider management and governance function that extracts durable commercial value from our partners. This role is positioned as an enterprise partner, problem solver, solutions-finder, utilizing resourcefulness and creativity to balance capacity management, ensuring that the right provider does the right work, ensuring that financial targets are hit and aligned with delivery excellence and performance.
More specifically, this role will be responsible for the following:
· Develop the strategy and vision for the management and governance program, while overseeing day-to-day execution in a high volume, fast paced environment
· Develop, communicate, and execute a multi-year program strategy and vision to continuously improve the program, drive operational excellence, innovation and inclusive of year-over-year ROI delivery to the organization
· Clearly articulate and implement a data strategy for the Strategic Provider Management program globally, utilizing multiple sources of data to drive proactive decision making, and/or support other critical decision points
· Acts as key interface with strategic partners, building and maintaining strong relationships and key business stakeholders
· Manage "deal value" by effectively structuring and negotiating changes, new services and other aspects of the contract and relationship in a way that optimizes the overall business case for Prudential
· Act as a point of escalation and ensure major issues are understood, owned, and resolved.
· Manage day-to-day vendor governance activities
· Design and manage all key strategic partner transitions, ensuring business continuity, compliance to contract terms and stakeholder partnership
· Collaborate and work closely with business and control partners to ensure that the agreed scope of services is delivered. Key business partners include global technology leaders, business, and corporate functions, third party risk management, sourcing, procurement, Legal, and Operational Risk
· Ensure the highest quality of service from strategic providers by actively monitoring, managing, and improving vendor performance and ensuring adherence to SLAs.
· Conduct reviews of existing contracts and manage change control processes, ensuring that agreements are updated as necessary to reflect current business needs.
· Take the lead in communicating escalations to the strategic partners in terms of risk management, leading portfolio level issue resolution at the operational and senior executive levels
· Facilitate stakeholder/strategic partner engagement by managing steering committees and other forums
· Establish and maintain processes to manage program elements such as service performance management, change control, issue management, project management, stakeholder communication, and invoice review and validation.
· Coordinate with appropriate stakeholders for contract renewal and renegotiation, understand the key commercial/legal constructs of contractual agreements, ensuring changes to policies and procedures as well as regulatory changes are introduced with strategic partner. Provide oversight of financials related to service agreement transactions.
· Manage reporting and metrics across the portfolio
· Develop framework, structure, and processes for transition, execute and monitor and report transition progress
- Bachelor's Degree required, Master's Degree, preferably MBA preferred
- 10 years contracting for, managing, governing, transitioning complex strategic technology vendor relationships in the financial services industry imperative; 15 years preferred
- Experience working in technology or business functions to provide relevance and perspectives in supporting the creation of business and customer value
- Deep expertise in global governance program design and operations, direct vendor oversight and/or alliance management skills, and people management and development.
- Verifiable track record driving business results harnessing foundational skills not only in outsourcing and vendor management, with a background in business operations.
- Ability to foster creative partnership solutions and joint value propositions to deliver operational efficiency and effectiveness
- Demonstrable negotiation skills in standard as well as complex environments/situations
- Familiarity with the deployment of enabling technologies such as strategic vendor governance and reporting tools
- Demonstrated understanding of how value is created in outsourcing relationships
- Ability to deal constructively with global vendors
- Ability to partner effectively with a range of business stakeholders
- Financial acumen to understand implications of change requests
- Experience designing and delivering effective KPIs
- Keen understanding of the implications of vendor governance on business operations
- Ability to balance implications of effective governance on both the enterprise and business units
- Strong analytic and critical thinking skills
- Strong negotiation and conflict resolution skills
- Strong change management and communications skills
- Ability to work in a matrixed environment
- Executive presence and high emotional intelligence
- Agile with a predisposition to action
- Success building teams and bringing people together to enable business outcomes
- Intellectually curious and adaptive
- Team player
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