Prudential UK is a leading life and pension’s provider to approximately 7 million customers in the United Kingdom. Around 2,700 employees work alongside a further 2,500 staff from outsourcing partner Capita.
The wider Prudential Group is an international financial services group with significant operations in Asia, the US and the UK.
The role of purchasing in Prudential
Within Prudential UK, the procurement department negotiates new contracts and supports the management of existing supplier relationships. On a day-to-day basis the team liaises with the internal risk, legal and finance departments to implement and monitor the controls and checks that are in place.
The Prudential purchasing challenge
In 2010 Prudential UK made a commitment to investors to make cost savings of £75 million per year until the end of 2013. The procurement department has an important role to play in achieving this aim by helping to manage costs and identify potential savings.
Why CIPS Certification?
Matthew Freeston of Prudential’s procurement department highlights the benefits of CIPS Certification:
- It is a recognition of Prudential’s procurement processes by an external organisation recognising excellence in the field
- It gives Prudential an enhanced ability to keep abreast of current thinking and protects against an introspective view of policies
- It provides assurances that Prudential’s internal processes match those seen externally as industry best practice – thus minimising exposure to third-party risk
- External certification is a matter of pride within the department and the business (the award is mounted in the company reception)
- It ensures that Prudential’s procurement processes are transparent and stand up to audit and scrutiny both internally and externally
- It helps Prudential’s procurement department set performance goals and measure its successes – an important factor for internal stakeholders