SMBC GROUP
All things procurement with Frank Wadsworth , Managing Director and Chief Procurement Officer , Americas Division at Sumitomo Mitsui Banking Corporation
Frank Wadsworth is a Managing Director and Chief Procurement Officer for the Americas Division at Sumitomo Mitsui Banking Corporation ( SMBC ). Frank has spent his career in financial services , having worked at some of the biggest names in banking : Morgan Stanley , Merrill Lynch , Bank of America , JPMorgan Chase , Bloomberg , and now at SMBC . Beginning his career in technology , Wadsworth gradually transitioned to assume a variety of vendor management leadership roles . Prior to joining SMBC , he led global supply chain operations for Bloomberg , while also establishing a third-party risk management programme for the firm , transforming a fragmented , reactive approach into a cohesive one . This role at Bloomberg was preceded by a position leading strategic vendor management for J . P . Morgan ’ s Investment Banking Division ( IBD ), as well as Procurement Professional Services for the bank globally , with several billion dollars of spend under management .
Wadsworth ’ s experience includes responsibility for driving multi-milliondollar savings , improving process efficiencies , and reducing risk by identifying and establishing outsourcing , offshoring , and shared services opportunities .
As Chief Procurement Officer for SMBC , Wadsworth is leading the development and implementation of a multi-year target operating model for the organisation to provide a centralised , strategic , and valuedriven procurement function that will foster the timely delivery of quality goods and services to the business .
“ After finalising our target operating model towards the end of 2020 , we hit the ground running in 2021 , growing the procurement team , successfully implementing the Coupa platform , and standing up procurement operations for four of nine of our group companies ,” says Wadsworth . “ We are roughly one-year old as a procurement organisation following our first implementation , and I ’ m proud to say we ’ ve accomplished a significant amount in a short period of time .
“ We ’ ve onboarded more than 1,000 suppliers with 75 % of supplier invoices processed electronically – a significant paradigm shift from one year
30 September 2022