Van Lanschot Kempen, active in financial services and therefore subject to strict regulation, has used ISPnext since 2015 for Spend Analytics, Contract Management and Vendor Rating. The Procurement, Contract Management & Facilities service centre uses it to measure and increase contract compliance and demonstrate risk management to regulators such as DNB, EBA and NRA.
Contracts only resurfaced when there was an issue or they were about to expire, ownership was unclear, and there was a growing need to demonstrate procurement spend and risk management to financial regulators.
Vendor management rolled out organisation-wide starting in 2015, with Spend, Contracts and Vendor Rating as core functionality, including migration of existing contract numbers and reporting fields tailored to DNB reviews.
Full visibility into expiring contracts and ownership, measurable and improved contract compliance, and ready-made reports for risk management reviews, now expanding with a Supplier Portal.
Fragmented contract oversight in a heavily regulated sector
As a financial institution, Van Lanschot Kempen operates under strict regulation. Its Procurement, Contract Management & Facilities service centre, 2 buyers, 5 contract managers and 1 manager, 6.5 FTE combined, needed structural oversight.
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Contracts resurfaced too late
"When you sign a contract with a supplier, it often only resurfaces when there's a reason to, or when it's about to expire. We had a strong desire to make our contracts properly accessible to everyone involved," says Peggy Klingers, Head of Procurement.
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Vendor management not organisation-wide
"We started implementing ISPnext in 2015. At that point we were using a different system, but it didn't fully match our wish to roll out vendor management across the whole organisation," says Peggy.
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Growing regulatory pressure
Following the banking crisis, financial regulation expanded significantly. Financial institutions are assessed on risk management and must be able to demonstrate an exit strategy for every contract to DNB, EBA and NRA.
"With the clear reporting fields in Vendor Management, we demonstrate per contract how we apply risk management."
From 2015 implementation to reporting fields built for DNB reviews
Van Lanschot Kempen built its solution carefully: from a successful system migration, through organisation-wide vendor management, to specific reporting fields for financial oversight.
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Careful implementation and data migration
"When you switch from one system to another, you always lose something. We were used to the old system and suddenly had to work with new dashboards," says Peggy. Working with ISPnext, all contract numbers were extracted from the old system and imported.
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Spend, Contracts and Vendor Rating combined
"ISPnext has an incredibly user-friendly and clear system. For every contract I can see with green dots whether we're compliant," says Peggy. Contract managers can pull up their own contracts; where that doesn't yet happen, Peggy's team runs reports filtered by contract type, expiry date and exit plan.
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Reporting fields built for DNB reviews
For every contract, Van Lanschot Kempen can indicate whether a risk assessment exists, whether the contract is in scope at De Nederlandsche Bank, and whether an exit plan, exit clause and exit strategy are in place, reporting fields that are instantly available during a review.
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Adoption through presentations and user rights
Van Lanschot Kempen regularly gives internal presentations about ISPnext to drive broad adoption. User profiles per employee ensure everyone only sees what they have rights to or need.
Measurable contract compliance and ready-made risk reports
Van Lanschot Kempen now has structural visibility into expiring contracts and internal ownership, and can demonstrate compliance directly to regulators, with a Supplier Portal as the next step.
What it delivers for Van Lanschot Kempen
- Organisation-wide visible and accessible contracts, with clear ownership
- Automated reminders when a contract is about to expire
- Measurable and rising contract compliance through linking Spend and Contracts
- Ready reports for DNB, EBA and NRA reviews, risk assessment, scope and exit strategy per contract
- Expanding into a Supplier Portal, shaped in part by their own requirements
Frequently asked questions about risk management and contract compliance at Van Lanschot Kempen
Van Lanschot Kempen is a Dutch financial services provider. As a financial institution, it operates under strict regulation and is assessed on risk management by regulators including De Nederlandsche Bank (DNB).
Van Lanschot Kempen uses Spend, Contracts (Contract Management) and Vendor Rating (Vendor Management), since implementing ISPnext in 2015.
For every contract, Van Lanschot Kempen can indicate whether a risk assessment has been carried out, whether the contract is in scope at DNB, and whether an exit plan, exit clause and exit strategy are in place, reporting fields instantly available during a DNB, EBA or NRA review.
By linking Spend and Contracts, Van Lanschot Kempen can measure contract compliance and work towards continuous improvement, something that wasn't previously visible.
The switch required careful data migration: working with ISPnext, all contract numbers were extracted from the old system and imported into the new one, so no information was lost.
Van Lanschot Kempen is in the implementation phase of a Supplier Portal as part of the Linked plan. Through interviews and discussions, ISPnext is mapping the organisation's requirements so suppliers will also gain visibility into relevant documentation.
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