FINANCIAL SERVICES

Valorant helps you comply with regulations as well as gain an edge over competition.

IN A WORLD OF INCREASING REGULATIONS AND COMPETITION, PROCUREMENT CAN HELP A FINANCIAL SERVICES COMPANY ADAPT AS WELL AS STAY AHEAD OF COMPETITION

  • Since the 2008 crisis, the financial services industry has undergone tremendous change. Specifically, companies and their suppliers are now subject to a series of regulatory measures that they must comply with, regardless of timing, scope or impact. And the stakes are high, as the repercussions of non-compliance include sizeable penalties and considerable damage to a company’s reputation, which is especially significant given the intense competition that is innate to this industry.
  • Valorant provides financial services companies with an industry-leading methodology to identify and contract with 3rd party suppliers. This includes an in-depth process for supplier due diligence, and specific contract terms that drive regulatory compliance, while reducing company risk. By implementing these measures, financial services companies can successfully navigate recent regulations (Basel III and upcoming Basel IV), as well as develop key advantages in their cost structure, enabling them to stay ahead of their competition.

VALORANT HELPS DEVELOP A SUPPLIER SELECTION STRATEGY THAT STRIKES A FINE BALANCE BETWEEN RISK AND REWARD

  • Procurement teams within financial services industries face a dilemma when choosing suppliers. On one hand, it makes sense for them to consolidate their supply base, knowing that the smallest partner-related supply risk event can negatively impact the entire company’s profitability and draw scrutiny from regulators. On the other hand, their supply base must also be diversified to ensure they are receiving differentiated products and services at competitive prices. Valorant leverages extensive industry expertise, market price intelligence and an SRM program, to help organizations implement an optimal supply base strategy. On average, this enables financial services companies realize 12 - 15% of savings, and drive their control and compliance levels to 90%+ within the first year.

SUPPLIER RELATIONSHIP MANAGEMENT PLAYS A CRITICAL ROLE IN DRIVING INNOVATION FOR FINANCIAL SERVICES COMPANIES

  • Financial services companies are outsourcing up to 50% of their operating expenses to 3rd party suppliers. These suppliers often oversee core activities, such as engaging with customers through contact centers, that are critical in running and growing the company’s business. Yet, the majority of financial services companies do not have a formal vendor management program to manage these relationships.
  • Valorant can help you identify and realize a new way of working with your strategic suppliers, that not only enable you to drive cost savings, but also fuel innovation and minimize risk to your core business.

Identify “Strategic” Suppliers

We use a combination of quantitative and qualitative factors to identify suppliers that are strategic to your enterprise. Some of the characteristics we leverage include business criticality, future revenues, cross-enterprise impact switching cost and uniqueness.

Facilitate Public Commitment from Senior Executives

Ensuring strategic suppliers have an “executive sponsor” at the C-Suite level improves accountability in discussing and resolving critical issues. It also indicates the importance of the relationship to the suppliers. In our experience, these measures have led to substantial benefits such as faster issue resolution and reduced product development timelines.

Create a New Structure to Manage Your Strategic Suppliers

Apart from the C-Suite support, we assist organizations create a unique structure to manage their strategic suppliers on a day-to-day basis, through a combination of relationship owners and performance managers.

Sustain an On-Going Commitment to Your Strategic Suppliers

Initially, the goal with strategic suppliers should be pragmatic, centering on operational excellence. Once two sides build more confidence, and performance stabilizes, the goals can become more ambitious, such as those around enhancing client service or fueling innovation.

  • Valorant spend management solution helps financial services companies increase EBITDA and operating profitability.
  • Our expertise in designing and implementing SRM solutions helps financial services companies innovate their core-product and drive revenues, while minimizing 3rd party risks.
  • Valorant helps you comply with regulations as well as gain an edge over your competition