Procurement Manager

Job Description

Job Description

The Procurement Manager will lead the firm’s enterprise procurement function within a highly regulated financial services environment. This role ensures disciplined purchasing practices, robust internal controls, and strong vendor governance while delivering cost efficiency and protecting the firm from financial leakage, regulatory risk, and reputational exposure.

The People You Will Work With

The position will report directly to the Senior Director - Treasury Operations and will partner closely with Finance, Legal, Risk, Compliance, and Internal Audit.

Where and When You Will Work

Farmer Mac has a Presence with Purpose work environment, which allows for flexibility of work location while providing the opportunity for teams to come together in the office with purpose. While we prefer someone who is based in proximity to Farmer Mac’s Washington, DC headquarters or the Johnston, Iowa office, for the exceptional candidate, consideration will be given to those outside of either metropolitan area. Core business hours are Monday through Friday, 8:30 am to 5:30 p.m. Eastern time. Work outside these times may be required for planned and unplanned activities, including time-sensitive projects and attendance at off-site meetings or events.

Primary Responsibilities and Duties

1. Procurement Leadership & Strategy

• Develop and execute enterprise-wide procurement strategy aligned with regulatory expectations and cost management goals.
• Establish standardized sourcing, purchasing, and vendor management practices.
• Build scalable procurement frameworks supporting growth and governance.
• Partner with Treasury Operations and other stakeholders in building this new enterprise function and team.

2. Contracting & Market Discipline

• Lead complex vendor negotiations across strategic categories.
• Ensure contracts are benchmarked and aligned to market terms.
• Partner with Legal and Compliance on regulatory adherence.
• Benchmark-tested and competitive pricing.
• Risk mitigation across financial, operational, and regulatory dimensions.

3. Regulatory Compliance & Internal Controls

• Ensure procurement processes comply with regulatory and internal control frameworks.
• Design policies for purchasing authority, onboarding, and segregation of duties.
• Support audits and regulatory examinations.

4. Payment Integrity & Expense Governance

• Ensure payments are authorized, accurate, and compliant.
• Prevent duplicate or fraudulent payments.
• Implement analytics to detect payment leakage.
• Strengthen invoice validation and approval of workflows.

5. Travel & Entertainment (T&E) Oversight

• Enforce T&E policies and compliance standards.
• Monitor expenses for business purposes and policy alignment.
• Implement audit and automation controls.

6. Partner with Risk Management on Vendor Risk & Third-Party Management

• Collaborate with TPRM to support vendor due diligence across financial, operational, and cybersecurity risk domains.
• Contribute to and help refine third-party risk management frameworks, standards, and practices.
• Monitor vendor performance against cost, service, and delivery expectations, and partner with TPRM to develop and implement remediation plans as needed.
• Support the remediation of findings from internal, external, and regulatory audits in coordination with TPRM and relevant stakeholders.

7. Cost Optimization & Financial Stewardship

• Drive cost savings and cost avoidance initiatives.
• Analyze spending and identify sourcing opportunities.
• Optimize vendor consolidation and contracts.
• Monitors spend in accordance with budget and firm-level strategic priorities.

8. Reporting & Executive Engagement

• Deliver executive reporting on spending, savings, and performance.
• Advise CFO on procurement risks and opportunities.

Desired Skills and Qualifications

• Driven and motivated leader with executive presence and stakeholder influence and experience in building high-performing teams and treasury functional capabilities.
• Strong integrity and risk mindset.
• Strong decision-making and negotiation skills.
• Proven cross-functional collaboration and ability to work with all levels of an organization and external partners while driving projects to timely and successful conclusions.
• Experience in managing budgets and tracking procurement KPIs (cost savings, cost avoidance, vendor performance metrics.
• Proficiency with SAP Concur, Microsoft Office Suite (Word, Excel, and PowerPoint), and general ledger systems.

Education and Experience

• Bachelor’s degree required, Finance, Business, Supply Chain, or related
• MBA or advanced degree strongly preferred
• 7-10 years procurement or sourcing experience
• Financial services industry experience required
• Enterprise procurement leadership experience
• Experience working with regulators and auditors

Our compensation philosophy is targeted pay positioning relative to peers, our industry, and external markets. Farmer Mac is committed to a compensation program that will enable the organization to attract, motivate, reward, and retain highly skilled and creative talent to maintain sustained long-term performance and achieve the organization’s strategic business objectives. The typical starting salary range for this position is between $130,000- $160,000, although wages can vary based on experience and geography.