Contract Specialist

About Northern Trust As a global leader in innovative wealth management, asset servicing, asset management and banking services, Northern Trust (Nasdaq: NTRS) is proud to guide the world’s most successful individuals, families, corporations and institutions. About Northern Trust Since 1889, we have aligned our efforts with our three guiding Principles That Endure: Service, Expertise, and Integrity. Together, they reflect the three cornerstones of business conduct which we strive to instill in our employees, whom we call partners, and to provide to our clients and the communities we serve worldwide. With more than 135 years of financial experience and over 24,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service. Major Duties And Responsibilities Develop and execute best-in-class procurement practices for Business Services-related vendors, including effective sourcing processes, category sourcing strategies, and sustainable purchasing methods. Ensure adherence to core procurement processes and infrastructure to effectively manage procurement activities across all spending categories. Lead and support programs that promote supplier diversity, including minority-, small-, women-, and disadvantaged-owned businesses. Develop, implement, and communicate an overall procurement strategy aligned with both Business Unit objectives and the Corporation’s strategic plan. Demonstrate a strong understanding of performance management and career development processes, and provide training on core procurement processes when required. Lead the development of sourcing strategies, including the collection and analysis of key data and insights to support category analytics, pricing evaluations, and negotiations. Lead and manage RFx processes (e.g., Requests for Proposal, Information, and Quotation), including project management, RFx development, supplier negotiations, evaluation, and award recommendations. Oversee contract review, drafting, and execution of agreements such as Non-Disclosure Agreements (NDAs), Master Agreements, and Statements of Work (SOWs). Lead contract and pricing negotiations and manage ongoing contract administration. Ensure compliance with established procurement policies, processes, and procedures. Support and monitor supplier performance and contract compliance through supplier activity reporting, business and performance reviews, scorecards, supplier rationalization initiatives, and demand management opportunities. Support regulatory and compliance requirements, including OFAC, FCPA, spend analysis, and client relationship standards. Manage and report procurement performance metrics and provide ongoing support for both internal and external audit requests. Establish and maintain strong relationships with key business partners by educating stakeholders on procurement policies and guidelines and resolving purchasing issues as needed. Utilize and maintain strong working knowledge of procurement-related ERP and contract management systems (e.g., Coupa, PeopleSoft). Partner with business stakeholders to develop and implement strategies and solutions that enhance existing services, introduce new services, or improve processes. Assess the impact of changes and facilitate adoption through effective training and communication. Provide ongoing post-implementation support. Knowledge And Skills Knowledge professional business services sub-categories including but not limited to HR, Mortgage Services, Marketing, Outsourced Print and other professional business services and third-party vendors that support these categories of spend. Excellent verbal and written communication skills, with the ability to adapt effectively in a dynamic and changing environment. Demonstrated leadership and organizational skills, with the ability to establish objectives and drive results. Proficiency in Microsoft Office applications, with advanced skills in Microsoft Excel. Strong understanding of contract terms and conditions and their legal and business implications. In-depth conceptual and practical knowledge within the procurement discipline, with foundational knowledge of related functional areas. Ability to apply best practices and understand how procurement integrates with other business functions. Proven ability to communicate complex or sensitive information and build consensus among diverse stakeholders. Experience And Education Bachelor’s degree in Business, Supply Chain Management, Finance, or a related field is preferred. MBA or other advanced degree and a professional procurement or supply chain certification (e.g., CSCP, CPM) are strongly preferred. Six or more years of experience in sourcing, procurement, or a related field, or an equivalent combination of education and relevant work experience. Serves as a resource and mentor to colleagues with less experience. May lead projects with moderate risk and manageable resource requirements. Salary Range $90,820 - 154,280 USD Salary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits. Northern Trust also provides a discretionary bonus program that may include an equity component. Work Authorization Applicants must be authorized to work in the U.S. without the need for employment-based visa sponsorship now or in the future. Northern Trust will not sponsor applicants for U.S. work visa status for this opportunity (no sponsorship is available for H-1B, L-1, TN, O-1, E-3, H-1B1, F-1, J-1, OPT, CPT or any other employment-based visa). Working with Us As a Northern Trust partner, you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to an inclusive workplace and assisting the communities we serve. Philanthropy is deeply rooted in Northern Trust’s history and is an essential element of our culture. Employees around the world give their time and talent to work for the greater good of their communities. Reasonable Accommodation Northern Trust is committed to working with and providing adjustments to individuals with health conditions and disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at View email address on click.appcast.io, or alternatively you can discuss your individual requirements with the recruiter you are working with. #J-18808-Ljbffr