Head of Procurement, Supplier Management and Governance, The Standard
Rachel Henney, has been the Head of Procurement, Supplier Management and Governance at The Standard since 2015.
Founded in Portland, Oregon, in 1906, Standard Insurance Company (The Standard) is a leading provider of financial protection, insurance, retirement and investment products and services for employees and individuals.
Under its holding company name, StanCorp Financial Group Inc., the organisation has four primary subsidiaries: Standard Insurance Company, The Standard Life Insurance Company of New York, Standard Retirement Services, Inc., and StanCorp Mortgage Investors.
In her role, Henney is responsible for leading the company’s procurement, third-party risk and supplier lifecycle management team. Overall, she is responsible for ensuring a strong and capable supplier base is in place to support The Standard’s procurement of all products, professional services, software, hardware and outsourced services.
“My career started in consulting,” explains Henney, “and I quickly found a passion for streamlining processes, with a focus on end customer value. The finance industry was ripe with opportunities to continuously improve. I migrated from my original career into procurement and financial services based on my parallel interests in optimising the value of partnerships between suppliers and their customers.”
Henney reflects that her favourite thing about the industry she works in is her fellow employees, with whom she shares many values and goals: “I love my fellow employees. The Standard places a high value on giving back and witnessing the difference that makes in our local communities. Last year, employees, retirees and the company contributed more than US$7mn to over 2,200 nonprofits and schools around the US.”
Believing that ‘change’ is the only thing you can truly count on every day, Henney is therefore inspired by courage. “The only ‘constant’ in our lives and our work is change. Having courage in the face of change can be difficult, and when I see people willing to work hard, even when faced with difficult tasks or decisions, I’m inspired and motivated to aid in clearing a path for them,” she says.
When it comes to her proudest achievement so far in her career, Henney says, with genuine enthusiasm: “Truthfully, it's my team. They are incredible. They inspire me to come to work every day with a focus on how to help them succeed, grow and stay engaged.”
Henney’s approach to procurement
Simply put, Henney's core belief is that “Procurement is best delivered as a partnership.” She states: “Suppliers and customers connecting with a clear understanding of objectives and expected outcomes helps support the achievement of results that optimise spend and mitigate risk through mutually beneficial terms and conditions.”
Over the course of her career, Henney has 25 years of experience in procurement, supplier management, and shared services Her particular focuses include: change management, business and IT process optimisation, strategic sourcing, spend analytics and procurement operations to name a few.
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