Our client, a Lloyd’s managing agent, required support to design and develop an exit strategy covering their most material outsourced supplier (OSP).
Our client had a material dependency on its OSP, which provided significant headcount and SaaS solutions across six areas of its business, including underwriting, claims, and finance.
They did not have in place a strategy for exiting the relationship if required under a stressed scenario, which would cause significant operational disruption. Our client’s procurement team also required training and guidance on what an exit strategy should address and the process for developing them.
Crowe UK worked closely with the procurement team to take them on the journey from scoping requirements through to template development and production of an exit strategy.
The chosen OSP supported six different business areas, which required a clear understanding of service provision, interdependencies and knock-on effects throughout the business and actions our client would take to coordinate and prioritise its response across business areas. This work involved developing an exit strategy template and guidance to support the procurement team, facilitating workshops to capture the approach to ensuring continuity of business-critical activities, reflecting specific SS2/21 requirements in relation to exit planning, and providing training and guidance.
Crowe UK provided training and guidance to the procurement team, helping ensure they are self-sufficient in developing future exit strategies and engaged with key stakeholders throughout the business, ensuring all parties were bought in to the process so future exit strategies can be developed with minimal resistance/effort.
Our client now has a robust exit strategy in place for its most material OSP, along with a framework and the knowledge to develop exit strategies for its other material OSPs. This exit strategy supports our client’s resilience and compliance with the specific requirements of SS2/21.