Risk Mitigation – Westpac New Zealand

WINNER: RISK MITIGATION

WINNER: Westpac New Zealand PROJECT: Bringing Supplier Risk Management to Life

A review of policy, frameworks and supplier management practice across banking group Westpac in 2017 revealed a number of gaps, resulting in an 18-month programme, the Go-to-Green plan. It aimed to educate staff on procurement policy and obligations when engaging with a supplier, as well as on compliance monitoring, supplier risk and oversight. Procurement realised supplier risk was outside the immediate day-to-day focus of the business units that owned it, so it needed to relate it to business objectives. It had to bring the policies to life. It did so by using more easily accessible information and interactive, visual and simple reporting tools on the intranet.

Filters can be easily applied to the visualisations to focus on the relevant data, with the ability to export the information the personnel need to work on. Making it easier for businesses to complete the risk assessment and putting in place policy reporting to provide visibility saw assessment completion rates rise from less than 14% to 81% of all in-scope supplier engagements.

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