Sparebanken Vest is an end-to-end investment bank for more than 250,000 individual and business customers, making them the third biggest savings bank in Norway. The bank has its head office in Bergen and bank plays a central role in a lot of the wealth creation in Western Norway.
Full control of 500 agreements
“We have 600 employees and approx. 500 contracts with a number of subcontractors, which include IT systems, consultancy services, facility service suppliers and more everyday suppliers, such as travel agencies and florists. Complete Control’s electronic archive enables us to assemble all of the contracts in one place.”
Andersen says that this gives Sparebanken Vest multiple benefits.
“A central electronic archive for all contracts establishes the foundation of reducing key individual risk by managing the agreements through facilitation of the notification system. The system also provides a better overview of the supplier portfolio within the same service area, something that enables us to optimize the number of suppliers and their terms and conditions.”
In the bank’s experience, the system has provided the opportunity to save costs. This is mainly due to the notification procedures that are adapted to the bank’s supplier portfolio.
Complete Control sends a notification to the agreement owners in Sparebanken Vest when a contract has almost expired. Thus, agreement owners and other stakeholders can take a step back in order to identify whether there is still a need for the underlying supply.
“It is our experience that the notifications have led to savings, especially within the IT sector.
The notifications, which are received by multiple employees, also mean that the bank reduces key individual risk internally.”