J.P. Morgan wanted to introduce more formality and rigour into the vendors day-to-day relationships through the use of tools, templates and improved documentation. The aim was to improve the management of the performance of these banks, brokers and traders, so the firm could make better decisions about what approach to take when managing vendors.
They wanted formal ways to assess which providers gave the best service, delivered the best returns, and were the easiest to work with.
J.P. Morgan asked ADR Learning to develop a highly customised training programme which would build on the existing guidelines and frameworks already in place for vendor management. A team from ADR Learning devised a number of role-play scenarios and case studies for the finance firm using their own materials, and closely modeled on real life situations. The scenarios were devised as learning tools which could be directly applied by the participants in their working lives.
The ADR Learning team also provided insight and training into how to manage behaviours of vendors – for example, by encouraging a more customer friendly attitude and response from their vendors. We provided lessons in how to encourage motivation among vendors, and how to incentivise higher performance.
The training was delivered in-house for J.P. Morgan in both London and Luxembourg.
The initiative has given J.P. Morgan increased rigour in the behaviours and professionalism they apply to vendor relationships. The firm is now better able to communicate with and manage the performance of vendors. This ultimately means they can achieve better returns on their investments. Efficiency has also been improved through better management of time and meetings, and more focused communications with the vendor organisations.
Customised training programmes and role play scenarios
Assess providers Improve Compliance
Better management of performance and enhanced analytics on best performing vendors