Strategic Sourcing Analyst

Overview:
Works with business and support units to help source suitable vendors at the best price to meet requirements. Carries out the Strategic Sourcing process designed to maximize competition and leverage when selecting and contracting with chosen vendors. Negotiates contracts generally up to $1 m in value.
Primary Responsibilities:
For sourcing initiatives, work with management to identify an Executive Sponsor and a cross-functional project team to ensure appropriate buy-in, support and participation throughout the project.Guide the Project Team through the Strategic Sourcing process and keep the Executive Sponsor and relevant senior managers informed of progress, setbacks and obstacles. Lead a kick-off meeting with the Project Team to clarify the objectives, strategy and proposed timeline of the sourcing initiative. Develop and execute Requests for Proposals (RFPs), Requests for Quotes (RFQs) and/or Requests for Information (RFIs) based on identified business needs, market conditions and corpoate standards. Facilitate analysis, evaluation and scoring of vendor proposals against criteria established and agreed on by the team. Conduct multiple rounds of bids and coordinate activities such as vendor demonstrations, reference calls and on-site visits to short-list vendors. Lead contract negotiations in conjunction with the Project Team and Legal to ensure we obtain the most competitive pricing and favorable terms possible. Prepare sufficient documentation to inform Executive Sponsor and senior managers of recommendations and results of the sourcing initiative, including any achieved savings, customer implications and impacts to business operations. Guide business and support units through the Third-Party Risk Management Program in conjunction with the Third-Party Risk Management team to ensure selected vendors are properly risk tiered, vetted and approved before executing a contract. Research and analyze procurement trend data at the Bank and recommend savings opportunities to associated business lines ad support functions .Understand and adhere to the Company's risk and regulatory standards, policies and controls in accordance with the Company's Risk Appetite. Identify risk-related issues needing escalation to management. Promote an environment that supports diversity and reflects the Bank brand. Maintain internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators as applicable. Complete other related duties as assigned.
Scope of Responsibilities:
Strategic Sourcing is a structured process for selecting the most suitable vendors at the best price. Strategic Sourcing includes a six step process that ensures we are maximizing competition and leverage when choosing vendors. As such, this position plays an important role in controlling expense and mitigating risk at the Bank. The position is responsible for ensuring contracts are papered properly, deals are well-documented and the Bank receives the best value or each dollar spent.