Challenges
International private banking is a complex business and EFG was keen to undergo transformational change to create simplicity and efficiencies across its third-party supplier roster and set out a new approach to supplier risk and compliance.
The business wanted to audit and implement where required: ownership, processes, policies, technology, and structure to effectively manage its third-party suppliers.
Approach
Proxima’s partnership with EFG involved re-engineering some of the existing ways of working within the business and elevating it to a position where a new, effective process for managing suppliers was successfully introduced and its colleagues felt empowered to build these relationships.
A key outcome for this project was the delivery of an end-to-end, seamless process that included selecting, onboarding, and managing third party spend across a fragmented global supplier base.
Outcomes and deliverables
• Reshaping $27.5 million-worth of relationships with suppliers across Facilities, HR, IT, Legal and Finance
• Business savings of over $1m after the first 14-month phase of the project
• A new, effective Procurement and SRM structure to mitigate risk and ensure compliance
• A set of associated, tailored processes, procedures, policies, and documentation
• Training for all impacted staff
“Proxima challenged our thinking, making every effort to understand our current processes and the specific benefits we wanted to gain from their support and experience. This unique approach ultimately enabled us to make real business change centred around empowering our people, whilst creating value, consistency and building trusting relationships with our suppliers.” Helen Price, CFO
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