Procurement And Contract Management For Finance Officers: Ensuring Value And Compliance

Introduction:

Effective procurement and contract management are essential for organizations to acquire goods and services efficiently, while ensuring compliance and maximizing value for money. This comprehensive training course on Procurement and Contract Management for Finance Officers equips participants with the specialized knowledge and skills to oversee the financial aspects of procurement processes, manage contracts effectively, and mitigate financial risks. Participants will learn best practices for budgeting, cost control, vendor selection, contract negotiation, and performance monitoring, empowering them to contribute to sound financial management and optimize procurement outcomes. This course bridges the gap between financial management and procurement practices, enabling participants to confidently navigate the complexities of procurement and contract management in a finance officer role.

Target Audience:

This course is designed for finance officers and professionals involved in managing the financial aspects of procurement and contracts, including:

• Finance Officers
• Budget Analysts
• Financial Controllers
• Procurement Staff with financial responsibilities
• Contract Administrators with financial oversight
• Anyone involved in the financial management of procurement activities

Course Objectives:

Upon completion of this Procurement and Contract Management for Finance Officers training course, participants will be able to:

• Understand the key principles of procurement and contract management.
• Manage the financial aspects of procurement processes effectively.
• Develop and manage procurement budgets.
• Control costs throughout the procurement lifecycle.
• Evaluate vendor proposals and select vendors based on financial criteria.
• Negotiate contracts that are financially sound and compliant.
• Monitor contract performance and manage payments.
• Mitigate financial risks associated with procurement and contracts.
• Understand the legal and regulatory framework for public procurement (if applicable).
• Ensure transparency and accountability in procurement activities.
• Improve procurement outcomes and value for money.
• Enhance their understanding of procurement best practices.
• Contribute to sound financial management in procurement.
• Effectively collaborate with procurement and contract management teams.
• Stay up-to-date with best practices in procurement and contract management for finance officers.

DURATION

10 Days

COURSE OUTLINE

Module 1: Introduction to Procurement and Contract Management for Finance Officers

• The role of finance officers in procurement and contract management.
• Key principles of procurement and contract management.
• The procurement lifecycle and its key stages.
• Ethical considerations in procurement and contract management.
• Legal and regulatory framework for public procurement (if applicable).

Module 2: Procurement Planning and Budgeting

• Developing a procurement plan aligned with organizational objectives.
• Budgeting for procurement activities.
• Cost estimation and analysis.
• Forecasting procurement needs.
• Resource allocation for procurement.

Module 3: Needs Assessment and Requirements Definition

• Identifying and defining procurement requirements.
• Conducting a needs assessment.
• Developing specifications and scopes of work.
• Market research and analysis.
• Stakeholder engagement in requirements definition.

Module 4: Vendor Selection and Evaluation

• Developing evaluation criteria for vendor selection.
• Evaluating vendor proposals and bids.
• Financial evaluation of vendors.
• Due diligence and vendor risk assessment.
• Vendor selection and award process.

Module 5: Contract Negotiation and Formation

• Contract negotiation strategies and tactics.
• Financial terms and conditions in contracts.
• Contract formation and execution.
• Legal considerations in contract negotiation.
• Managing contract risks.

Module 6: Contract Administration and Management

• Contract administration and management processes.
• Performance monitoring and evaluation.
• Payment processing and invoice management.
• Change management and contract variations.
• Contract closeout and renewal.

Module 7: Cost Control and Value for Money

• Cost control measures in procurement.
• Value for money analysis.
• Life-cycle costing.
• Cost reduction strategies.
• Performance-based contracting.

Module 8: Financial Risk Management in Procurement

• Identifying and assessing financial risks in procurement.
• Mitigating financial risks.
• Foreign exchange risk management.
• Payment risk management.
• Contractual risk management.

Module 9: Internal Controls in Procurement

• Internal control framework for procurement.
• Segregation of duties.
• Authorization and approval processes.
• Reconciliation and audit trails.
• Fraud prevention and detection.

Module 10: Legal and Regulatory Compliance

• Compliance with procurement laws and regulations.
• Ethical considerations in public procurement (if applicable).
• Anti-corruption and anti-bribery measures.
• Data privacy and security.
• Legal remedies and dispute resolution.

Module 11: Performance Measurement and Reporting

• Key performance indicators (KPIs) for procurement.
• Performance measurement and reporting.
• Data analytics in procurement.
• Benchmarking and continuous improvement.
• Communicating procurement performance to stakeholders.

Module 12: Technology and Automation in Procurement

• E-procurement systems and platforms.
• Automation of procurement processes.
• Data analytics and reporting tools.
• Cloud-based procurement solutions.
• Benefits and challenges of technology adoption.

Module 13: Stakeholder Management and Communication

• Identifying and engaging stakeholders.
• Communicating effectively with stakeholders.
• Building relationships with vendors and suppliers.
• Managing stakeholder expectations.
• Collaborating with procurement and contract management teams.

Module 14: Public Procurement and Governance (If applicable)

• Specific regulations and guidelines for public procurement.
• Transparency and accountability in public spending.
• Ethical considerations in public procurement.
• Auditing and oversight of public procurement.
• Best practices in public procurement governance.

Module 15: Emerging Trends in Procurement and Contract Management

• Sustainable procurement and social responsibility.
• Agile procurement and contract management.
• Artificial intelligence and machine learning in procurement.
• Blockchain and smart contracts.
• The future of procurement and contract management.

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 5 working days before commencement of the training.