CIPS L5M4 Advanced Contract and Financial Management

Who is it for?

Provides senior buyers, contract and supply chain managers with the expertise to improve organisational procurement and to fulfil organisational objectives. It gives you the knowledge base to reduce cost, improve quality and timescales, manage the supply chain and deal with legal issues.

What will I learn?

Building on the practical knowledge and understanding gained at CIPS Level 4 Diploma in Procurement and Supply, L5M4 - Advanced Contract and Financial Management will help you will develop a higher level of practical, theoretical and technical knowledge and understanding of procurement and supply. Your learning will focus on how to deal with key aspects of risk in supply chains and mitigation of those risks; processing and evaluating contracts and the impact of legal implications when contracts are breached. On completion of this qualification you can expect to improve your overall organisational procurement and supply performance to fulfil your organisational objectives.

Entry requirements

You will need to have achieved the CIPS Level 4 Diploma in Procurement and Supply.

Module purpose

On completion of this module, learners will be able to develop financial measures to manage and improve contract performance. Learners will be introduced to the concepts and use of contract and financial management as a means to support effective strategic sourcing.

Module aim(s)

In any organisation, a significant element of the procurement and supply activity is focused on the contracting process. Those involved in the formulation and management of contracts with external suppliers must have a detailed understanding of the strategic nature of contractual performance measures in procurement and supply. Financial management refers to the efficient and effective management of money (funds) necessary to accomplish organisational and associated procurement and supply objectives. This module is designed to help learners working in the procurement and supply profession, with responsibility for contracting, who should have a strategic awareness of the financial impact contracts have on organisations.