Vice President – Procurement Risk & Controls Lead

Overview

Lead procurement risk and controls for M&G, owning the risk control self-assessment (RCSA), control environment, key control testing and issue management for the Procurement function across the UK and India.

What you'll do

• Own the full RCSA lifecycle for Procurement & Sourcing, including risk identification and applicability assessment, inherent and residual risk ratings, key control definition and validation, and risk movements, rationales and governance approvals.
• Ensure procurement risks are properly represented in entity-level and group reporting and aligned with Top Risks and issue inventories.
• Maintain and continuously develop the procurement risk register, with clear linkage to controls, issues and governance reporting.
• Design and maintain an effective control environment across Procure to Pay (P2P), sourcing and demand management, vendor selection and competitive bidding, contract lifecycle management, and policy adherence and non-compliance scenarios.
• Act as first-line owner for procurement-related regulatory obligations, including RCSA, BIA and financial crime requirements, and maintain audit-ready evidence packs for 2LoD reviews, Internal Audit and regulatory requests.
• Ensure procurement processes meet FCA expectations, including operational resilience and outsourcing governance, and Consumer Duty obligations as they relate to third-party management.
• Maintain and enforce procurement policy (competitive sourcing thresholds, approval authorities, segregation of duties and conflicts of interest), monitor adherence across UK and India, and escalate exceptions.
• Produce a regular risk and controls dashboard for the CPO and Head of India Procurement covering control effectiveness, open findings and policy exceptions.
• Coordinate responses to Internal Audit findings, track remediation to closure, and act as secretary to procurement governance forums and controls committees as required.
• Own the 1LoD control testing programme for Procurement, including test strategy, scripts, sample design, evidence standards and effectiveness conclusions.
• Raise Self-Identified Issues, define remediation plans with Procurement leads, and drive timely closure and re-testing.
• Lead documentation of key procurement processes, ensuring clear linkage between processes, risks and controls.
• Own end-to-end issue management and governance for Procurement, including Internal Audit findings, regulatory observations and third-party remediation actions.
• Line manage the Risk & Controls Analyst (India) and manage capacity against the assurance cycle.
• Participate in technology, automation and AI initiatives, including vendor due diligence automation, and explore AI to make BAU activities more efficient.

What you'll need

• 18+ years of professional experience as an operational risk specialist in a 1LoD, 2LoD or auditor capacity in a financial services firm, or in a procurement and sourcing firm.
• Understanding of FCA regulatory expectations relevant to third-party and outsourcing risk, including operational resilience and Consumer Duty, and ability to apply them pragmatically to procurement activity.
• Experience leveraging the Microsoft stack (Power Automate and/or Copilot Studio) to automate controls or due diligence workflows.
• Exposure to Oracle Fusion Procurement (or a comparable P2P platform) and understanding of source-to-contract and purchase-to-pay controls.
• Deep expertise and hands-on experience running a divisional risk agenda, including RCSA, control environment, control testing and issue management.
• In-depth understanding of organisational risk frameworks and experience implementing them for the procurement function.
• Proven experience working with a range of teams to drive risk culture, including risk and compliance, internal audit and global stakeholders.
• Experience managing direct and indirect teams locally and overseas, and influencing decisions at senior levels.
• Strong understanding of the external risk landscape and industry trends in risk and compliance.
• Graduation is a must, preferably in Finance, Accounting, Business Management / Administration or Engineering.

Nice to have

• Experience using Power BI for risk and control reporting.
• Understanding of screening tools such as BVD-Orbis, LexisNexis, etc.
• Master's degree (MBA / MMS or post-graduate diploma in business management).
• Additional risk qualification or certification.
• Additional procurement qualification or certification.

Details

• Location: Mumbai.