Strategic Sourcing Analyst

This is a fully remote position, open to applicants in United States.

📋 Description

• Collaborate with business and support teams to identify appropriate vendors at optimal pricing.

• Execute the Strategic Sourcing process to enhance competition and leverage in vendor selection and contracting.

• Partner with management to designate an Executive Sponsor and assemble a cross-functional project team for sourcing initiatives.

• Direct project teams through the Strategic Sourcing process while keeping sponsors and senior management updated on progress, challenges, and hurdles.

• Facilitate kick-off meetings to clarify sourcing goals, strategies, and timelines.

• Create and implement RFPs, RFQs, and RFIs tailored to business requirements, market conditions, and corporate policies.

• Oversee the analysis, evaluation, and scoring of vendor proposals.

• Manage bid rounds and coordinate vendor demonstrations, reference calls, and on-site evaluations.

• Lead contract negotiations alongside project teams and Legal to secure competitive pricing and advantageous terms.

• Compile documentation that outlines recommendations, outcomes, savings, implications for customers, and impacts on business operations.

• Support business and support units in navigating the Third-Party Risk Management Program.

• Ensure that selected vendors are appropriately assessed, vetted, and approved prior to contract finalization.

• Investigate procurement trends and propose savings opportunities to business lines and support functions.

• Comply with risk and regulatory standards, policies, controls, and the Company's Risk Appetite.

• Recognize risk-related issues that necessitate management escalation.

• Encourage diversity and embody the Bank's brand.

• Uphold internal control standards and implement necessary audit and regulatory action items.

• Perform additional related tasks as assigned.

• Ensure contracts are accurately documented and that the Bank achieves maximum value for every dollar spent.

⛳️ Requirements

• Capability to work remotely.

• Experience or familiarity with strategic sourcing and procurement methodologies.

• Proficiency in developing and executing RFPs, RFQs, and RFIs.

• Skill in analyzing, evaluating, and scoring vendor proposals.

• Negotiation expertise for contracts typically up to $1 million.

• Competence in conducting vendor demonstrations, reference checks, and on-site assessments.

• Knowledge of third-party risk management, including vendor risk tiering, vetting, and approval procedures.

• Ability to research and interpret procurement trend data.

• Understanding and compliance with risk and regulatory standards, policies, controls, and the Company's Risk Appetite.

• Skill in identifying risk-related issues that require escalation.

• Capacity to maintain internal control standards and address audit and regulatory matters.

🏝️ Benefits

• Competitive salary and performance-based incentives.

• Comprehensive health, dental, and vision insurance.

• Retirement savings plans with company matching.

• Flexible work arrangements and remote work options.

• Opportunities for professional development and career growth.

• Employee assistance programs and wellness initiatives.