Strategic Sourcing Specialist

SUMMARY: The Strategic Sourcing Specialist works in the Corporate Procurement unit and reports to the Procurement Director. The ideal candidate will be responsible for managing and optimizing the procurement process, developing supplier strategies, and ensuring cost-effective solutions that align with business objectives. The role requires understanding of financial products, regulatory compliance, and the complexities of sourcing in the banking sector.

ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties and special projects may be assigned.

• Champions a customer focused culture to deepen client relationships and leverage broader Bank relationships, systems and knowledge.
• Collaborates and develops successful partnership with key stakeholders to understand business initiatives and Corporate Procurement's role in the success of each initiative to meet company objectives.
• Ensure all strategic sourcing or category management activities are conducted in compliance with governing regulations, internal policies, strategic sourcing standards and procedures.
• Responsible for category strategy, strategic sourcing, supplier and stakeholder management for all categories-commodities assigned.
• Drives strategic sourcing and category plans to achieve savings and performance targets.
• Develops required Requests for Information (RFI), Requests for Proposal (RFP), and Requests for Quotation (RFQ).
• Ensures minimum standards, protocols and guidelines are applied and properly documented.
• Negotiates high-level complex contracts and SLAs while delivering world-class results.
• Accountable for managing critical supplier agreements including new sources, critical renewals, negotiation of terms in collaboration with Office of General Counsel, issue identification, tracking and resolution.
• Continuously identifies and implements strategies and improvement initiatives to reduce cost, improve quality and result in a lower total cost of ownership.
• Continuously evaluates supplier performance and creates and leads teams to improve supplier performance as necessary.
• Develops forecasts and implementation plans to ensure category strategy goals are achieved.
• Conducts research to understand the supply market and commodity trends.
• Develops deep knowledge and experience in the category.
• Builds and maintains a network of strategic contacts, both internally and externally to build teamwork, strengthen relationships and identify opportunities.
• Understands business impacts and align with stakeholders to effectively assess risk levels, manage supply continuity, develop contingency plans and establish risk management strategies to mitigate risk.
• Delivers presentations and recommendations to Executive Leadership.
• Performs other duties as assigned by the Procurement Director.
• Adheres to and complies with applicable, federal and state laws, regulations and guidance, including those related to anti-money laundering (i.e. Bank Secrecy Act, US PATRIOT Act, etc.).
• Adheres to Bank policies and procedures and completes required training.
• Identifies and reports suspicious activity.

EDUCATION

Bachelor's Degree Industrial Engineering, Accounting, Business Administration from an accredited college or equivalent work related experience required. MBA (Master of Business Administration) or MEM (Master on Engineering Management) preferred.

EXPERIENCE

• 7-9 years strong strategic sourcing-category management (IT-Telecom, Real Estate-Facilities Management, Marketing, etc) and contract negotiations experience required.
• Demonstrated ability to develop effective working relationships with others, especially in matrix leadership position required.
• Experience managing critical suppliers and associated contractual agreements required.
• Experience delivering presentations and recommendations to Executive Leadership required.
• Strong analytical, problem-solving, and decision-making skills required.
• Procurement experience in the banking or financial services industries preferred.
• Proficiency in procurement software and tools (eg Coupa) preferred.

CERTIFICATES, LICENSES, REGISTRATIONS

• Certified Purchasing Manager (C.P.M) CPM or CPSM preferred.
• Six Sigma Green Belt Certification or any other Six Sigma Certification preferred.

KNOWLEDGE, SKILLS AND ABILITIES

• Knowledge of category management required.
• Knowledge of Strategic Souring required.
• Knowledge of contract language.
• Ability to negotiate complex and critical agreements with suppliers required.
• Current knowledge of leading supply chain practices and benchmarks required.
• Ability to identify and innovate solutions required.
• Ability to employ effective time management skills.
• Intermediate level experience in Microsoft Office required.
• Results-oriented mindset.
• Proven track record to deliver results and achieve goals.
• Excellent problem-solving skills particularly as relates to contract-related problems.
• Analytical thinking & proven financial acumen required.
• Exceptional communication and interpersonal skills.
• Ability to build support and consensus.
• Collaboration for success required.
• Creating, maintaining and enhancing critical internal stakeholder relationships required.
• Contribution to team success required.