Sourcing and contracting

Our sourcing and contracting process 

We in Nordea value our suppliers and supplier relationships highly. A close collaboration with our suppliers is critical to our success and ability to provide our customers high quality products and services.

As Nordea operates in an international environment our corporate language is English. This is the language we use in our communication with suppliers in the sourcing process. All formal documents must be in English. We use a multi‐dimensional selection process to choose the suppliers which most effectively fulfil our requirements.

e-Sourcing and e-Auction

E-sourcing and e-auction is a process of obtaining bids from different suppliers via a single online portal. Nordea will invite potential suppliers separately and provide them more details and training on how to participate,

Nordea uses an e‐Sourcing platform to collect information and proposals from potential suppliers. It allows our sourcing managers easy access to:

  • the newest templates and information and in turn ensures process compliance,
  • consistent and professional treatment of all potential suppliers
  • a transparent and recognizable interface.

Additionally, Nordea might use e‐Auction as supporting tool in the sourcing process.

Consultant Services

Nordea has a mandatory Consultant Procurement Process for the procurement of consulting services. The request, search, negotiation and contracting of consultants are handled through this process by the Consulting Services team.

This process ensures that the need for consulting services is fulfilled at competitive prices, terms and conditions, through:

  • A clear preferred supplier strategy (suppliers appointed every second year through an RFP process headed by Consulting Services
  • Framework agreements with standardized terms and conditions
  • Reporting and follow‐up of the consulting services volumes and prices

The preferred suppliers are free to discuss potential assignments with relevant stakeholders, but Consulting Services must be involved in commercial discussions to ensure that Nordea’s Sourcing Policy is followed. The Consulting Services team manages the contact between the supplier account manager and Nordea and ensures that follow‐up and governance is performed in a formalized way.