Procurement Associate

Procurement Associate

The Procurement Associate is responsible for reviewing contracts with suppliers, ensuring alignment with company policies, legal requirements, and industry regulations. The role conducts cost analysis, negotiates pricing, and collaborates with vendors to secure favorable terms while maintaining quality. They evaluate supplier performance, ensure ethical sourcing practices, and contribute to efficient and compliant procurement processes.

Job Responsibilities:

• Drafts, reviews, and manages contracts with suppliers, ensuring alignment with company policies, legal requirements, and industry regulations.
• Collaborates with vendors, negotiates contracts, and maintains positive relationships to secure favorable terms and conditions for the procurement of goods and services.
• Partners with finance teams to align procurement activities with budgetary constraints, ensuring financial goals are met while maintaining cost-effectiveness.
• Conducts cost analysis to optimize spending, negotiate pricing, and seeks cost-saving opportunities while maintaining the quality required for insurance operations.
• Identifies, evaluates, and selects suppliers based on factors such as quality, cost, reliability, and compliance with insurance industry standards.
• Evaluates supplier performance, providing feedback and initiating corrective actions to ensure that service levels meet the company's expectations.
• Works closely with underwriting, claims, and finance, to understand their procurement needs and provides support in vendor selection and contract negotiation.
• Ensures that procurement activities align with specific regulations and standards within the insurance industry. Ensures ethical sourcing practices, promoting sustainability and social responsibility in procurement decisions.
• Stays abreast of market trends, pricing fluctuations, and emerging suppliers to inform strategic procurement decisions and maintain competitiveness.
• Communicates procurement updates to internal teams and generates reports on procurement activities for management review.
• Identifies opportunities for process enhancement within the procurement function, implementing best practices to increase efficiency and effectiveness.
• Provides training sessions to internal teams on procurement policies, procedures, and industry best practices.

Work Experience and Education:

• Bachelor's degree required; Business Administration, Finance, Supply Chain preferred. Any other related discipline or commensurate work experience considered.
• 6 Months to a 1 year of experience in Procurement or Vendor Management is preferred.
• Chartered Institute of Procurement & Supply (CIPS) is a plus.

Ryan Specialty is an Equal Opportunity Employer. We are committed to building and sustaining a diverse workforce throughout the organization. Our vision is an inclusive and equitable workplace where all employees are valued for and evaluated on their performance and contributions. Differences in race, creed, color, religious beliefs, physical or mental capabilities, gender identity or expression, sexual orientation, and many other characteristics bring together varied perspectives and add value to the service we provide our clients, trading partners, and communities. This policy extends to all aspects of our employment practices, including but not limited to, recruiting, hiring, discipline, firing, promoting, transferring, compensation, benefits, training, leaves of absence, and other terms, conditions, and benefits of employment.