IT Contract & Commercial Manager

London, England, United Kingdom

12/14/2024

Lloyd’s is the world’s leading insurance and reinsurance marketplace. We share the collective intelligence and risk sharing expertise of the market’s brightest minds, working together for a braver world.

Our role is to inspire courage, so tomorrow’s progress isn’t limited by today’s risks.

Our shared values: we are brave; we are stronger together; we do the right thing; guide what we do and how we act. If you share our values and our passion to build a future that’s more sustainable, resilient and inclusive, you’ll find a home at Lloyd’s – build a braver future with us.

Lloyd’s are seeking to recruiting an IT Sourcing and Commercial Manager. We ae evolving with a partnership model with key third-party organisations to ensure cost, service and innovation benefits as well as third party risk management and oversight.

Through your expertise and influence, your in-depth knowledge of contracts, finance and commercial models, your understanding of the demands of working in a regulated industry and your experience of managing the complexities of third-party sourcing relationships, you will ensure we navigate assuredly in delivering value and managing risk.

This role will be central to the development and embedding of our Sourcing Management framework internally and in collaboration with our key partners

Principal Accountabilities

Is a contract SME:

Knows and understands the contract(s) in detail, answers contract questions and maintains an FAQ log

Builds partnership roles with the Lloyd’s Business Owners, Internal Clients, Risk, Compliance, Legal and Finance teams in particular to ensure the contracts are operationalised and managed in line with business needs, relevant policies and processes

Manages overall compliance with contractual terms & conditions:

Leverages, designs and maintains Contract Management processes and tools (incl. related contractual templates)

Ensures that all terms and conditions of the agreement are satisfied, contractual constructs are fit for purpose and mitigates any risk exposures

Manages the end-to-end Supplier Audit process; ensures that appropriate audit controls are in place for Service Provider’s processes and invoices, in accordance with the process established in the Lloyds’s Policy & Procedures Manual

Guards the commercial relationship with the Service Provider:

Guards and owns the integrity of the pricing schedules and mechanisms and ensure they are fit for purpose

Manages any re-pricing making use of existing contractual mechanisms for cost/price change

Ensures any scope change or extension is commercially optimized using contractual mechanisms

Ensures commercial optimization of the contract(s) by making use of contractual levers to limit or reduce cost and by educating the retained organization on the contractual mechanisms

Evaluates performance and approves any action plans resulting from critical service performance failures

Further develops and improves the contract:

Manages the end-to-end lifecycle process of Contract Changes from development through to execution, including obtaining the relevant stakeholder approvals

Final approval

Evaluates innovation gainsharing mechanisms, and assures their alignment with the agreed-upon principles of innovation

Leads on Contract and Commercial Management:

Creates vision, clear direction and strategy for Lloyd’s business owners and stakeholders across the organisation

Establishes, manages and coaches stakeholders from across the organisation and affiliate entities, to clear objectives and performance expectations in managing the contracts

Constantly monitors process performance and improves working efficiency, effectiveness and impact

Works with the Finance and tax functions to ensure that proper financial controls are in place:

Designs and maintains Financial Management processes and tools (incl. related contractual templates)

Establishes and maintains consistent methodologies for performing financial business reviews on effectiveness of the Service Provider relationship

Leads development of charge-back strategy and allocation methodology

Develops, administers, controls and optimizes total cost of sourcing in line with the business and sourcing targets:

Plans and manages budget/ forecast

Investigates and resolves variances in forecasted expenses or usage

Manages any project budget in conjunction with the Head of Lloyd’s Operations and Chief Operating Officer

Provides regular financial reporting including budgeted vs. actual expenses, forecasts and financial trend analyses

Manages the reconciliation with actual performance against the business case developed in support of the set of agreements

Ensures accuracy of all contract-related charges:

Monitors and audits all monthly charges to ensure accuracy of Service Provider charges, Lloyd’s-retained expenses, and pass-through expenses

Ensures that anticipated and agreed upon Service Provider financial responsibilities are not inadvertently converted to retained or pass-through expenses

Monitors compliance (i.e., Service Providers’ performance against contract pricing schedules)

Manages cost allocations/ chargeback

Ensures overall effectiveness of the commercial side outsourcing efforts:

Serves as the liaison between outsourcing organization and other corporate entities on finance-related outsourcing issues

Ensures compliance with corporate policies and reporting requirements

Provides direction and support to Sourcing Senior Manager, Head of Lloyd’s Operations and Chief Operating Officer as needed

Identifies opportunities for additional value creation, costs savings, risk mitigation and operational efficiencies in Service Provider relationships

Builds an effective partnership with key stakeholder groups, particularly internal clients and business owners of services, Procurement & finance to ensure and enhance overall effectiveness of outsourcing engagement

Is familiar with requirements of and continues to maintain detailed knowledge of key regulatory and market practices impacting contract and sourcing management, including Operational Resilience

Skills Knowledge And Experience

Experience of Contract and Commercial Management in a multi-business unit, regulated industry.

Demonstrable experience in managing Tier 1 Service Providers, contract terms negotiation and re-negotiation, financial control, planning and budgeting and managing the flow and gating of commercial documents and change.

Specific experience of ITO and BPO contract terms

A good understanding of different sourcing commercial models

Preferred professional qualifications in UK law, and/or in Accounting and/or Business Administration

Specific experience of ITO and BPO contract terms

Interpersonal, stakeholder and communication skills

Significant experience in building teams and capabilities in a direct and matrix environment

Adept at building dynamic solutions and tools, from requirements through to implementation

Contract and Commercial Management

Financial Operations

IT Service Management

IT Change Management and Delivery

Experience with business operations platforms

A track record of effective leadership; is credible, dynamic, possesses drive and facilitation skills

Evidence of operating in a complex environment and regulated market environment with multiple stakeholders

A strategic thinker who is commercially astute and able to shape ideas into actionable plans

Diversity and inclusion are a focus for us – Lloyd’s aim is to build a diverse, inclusive environment that reflects the global markets we work in. One where everyone is treated with dignity and respect to achieve their full potential. In practice, this means we are positive and inclusive about making workplace adjustments, we offer regular health and wellbeing programmes, diversity and inclusion training, employee networks, mentoring and volunteering opportunities as well as investment into your professional development. You can read more about diversity and inclusion on our website.

We understand that our work/life balance is important to us all and that a hybrid of working from the office and home can offer a great level of flexibility.  Flexible working forms part of a total reward approach which offers a host of other benefits over and above the standard offering (generous pension, healthcare, wellbeing etc).  These include financial support for training, education & development, a benefit allowance (to spend on our flexible benefits such as gym membership, dental insurance, extra holiday or to partake in our cycle to work scheme), employee recognition scheme and various employee discount schemes.

By choosing Lloyd's, you'll be part of a team that brings together the best minds in the industry, and together with our underwriters and brokers, we create innovative, responsive solutions allowing us to share risk and solve complex problems.

Should you require any additional support with your application, or any adjustments, please click the following link;

https://cleartalents.com/apply/lloyds-msa1645695881

Please note, clicking on this link does not register your application for the vacancy