The Future of Procurement: Why is Technology Lagging Behind?WATCH WEBINAR
Increased regulatory scrutiny of the risks arising from the strategic supply base following the 2008-2009 financial crisis has driven the financial services industry to bolster its existing third-party risk management (TPRM) capabilities. Most of this TPRM effort has focused on demonstrating to regulators that the institution has successfully implemented tools for governance, risk and compliance (GRC). During the same period, the industry’s dependence on strategic suppliers has grown given the accelerated outsourcing of core business functions. This increased dependency has exposed the limitations of GRC technology to monitor supplier-related risks.
Organizations are realizing they need more granular oversight of suppliers’ performance, contractual compliance and invoicing accuracy. At the same time, international regulators such as OCC, FRB, EBA, ACRA, MAS and HKMA have intensified and underlined their guideline requirements to exercise sufficient oversight over outsourcing suppliers. This combination of internal dependencies and external regulatory pressure is driving all regulated BFSI entities to go beyond the confines of traditional GRC, CLM, CWP, VMO and P2P tools and take a fresh look at the operating risk dimensions of their strategic supply chain.
Back office (e.g. finance & accounting, HR, print services)
IT (e.g. service desk, hosting, end-user computing, application development and maintenance)
95% of the total third-party spend in the financial services industry goes to services
“The reason that contracts are becoming more important is the growing importance of services spending.”
“Procurement needs to take responsibility for performance across the lifecycle of contracts, not just up to signature.”
Sirion offers an AI-driven, integrated platform for financial services companies to manage contracts, performance, invoices, and relationships in third-party contracts.
Gain complete visibility and control over your contract portfolio through Sirion’s powerful contract repository: Leverage hierarchical document storage, auto-extraction of contract data, and advanced change management capabilities
Easily identify and correct invoicing discrepancies by auto-validating invoice data against underlying contractual obligations and performance data
Improve performance delivery with a comprehensive and automated approach that streamlines the capture, computation and monitoring of obligations and service levels, and link performance to real business impact
Drive improved alignment and collaboration between buyer and supplier teams through a shared view of contract and performance data, and through data-backed relationship governance