VP/FVP, Manager, Sourcing and Procurement

Strategic Sourcing And Procurement Leader

Cathay Bank is seeking a visionary and transformative leader to build a new Strategic Sourcing and Procurement function designed to proactively optimize our sourcing opportunities, capture extensive financial savings, better control our procurement processes/third-party risks, and accelerate our strategic initiatives.

This role leads the Strategic Sourcing and Procurement (SPC) function and is responsible for the strategic direction and development of this enterprise function, including Sourcing, Contracting and Procurement Operations. The role directs all aspects of the function, including policy, procedures, organizational design, systems/tools, templates, goals development and execution. In addition to their program development responsibilities, this role will be responsible for managing their own portfolio of RFPs, contract negotiations, category development and business unit alignment.

The VP/FVP, Manager, Sourcing and Procurement will design, build and execute all aspects of an effective, simple, end-to-end procurement process. This will include procurement intake and approval, contract negotiations and renewals, cost optimization and efficiency gains, signatory authority, terminations, competitive bidding, and payment controls.

The VP/FVP, Manager, Sourcing and Procurement will partner closely with leadership across the Bank to optimize supplier relationships, streamline procurement processes, and ensure alignment with the company's strategic goals and need for future scalability. As a team of one, this leader will roll up their sleeves to manage the day-to-day function being built and define the overall process with the Business, Finance, Legal, Compliance, Third-Party Risk, and Vendor Management teams along the way. Client service, responsiveness and collaboration are all keys to success for this important role.

This position will start with no direct reports, however, additional positions will be added as the function scales and additional resources are needed.

Responsibilities:

• Responsible for defining strategy and execution of Sourcing and Procurement.
• Accountable owner of Sourcing and Procurement-related Policy, Procedures, Systems, Tools, Templates, programmatic performance metric development, contract and spend-related approval requirements and centrally managed Third Party Providers (TPPs).
• Provides direction and mentorship to all Sourcing and Procurement staff.
• Prioritizes initiatives and work efforts, as well as assigns projects to Sourcing and Procurement staff.
• Leads function and staff, while also managing own portfolio of categories & BU engagements including running RFPs and negotiating and drafting agreements.
• Partners with Third Party Risk Management (TPRM), Legal and other subject matter experts to develop a seamless and efficient Sourcing process that incorporates key risk and control considerations.
• Continuous improvement of program, inclusive of simplification, streamlining, automation, with effective balancing of risks & rewards.
• Establishes department goals & objectives, including identification and execution on savings targets and continued KRI/KPI improvement.
• Effectively manages centrally-owned TPPs and other Sourcing-owned TPPs (e.g., office supplies, doc shred and storage, managed print, P2P system, etc.), according to Bank-established TPP risk requirements.
• Reports and escalates to applicable committees regarding performance of the function against stated objectives, as well as program non-compliance and exceedingly risky TPP engagements.
• Completes all bank-required training in a timely fashion.

Qualifications:

Education:

• Bachelor Degree in Business Administration, Economics, Finance, Supply Chain Management or related field; MBA or Juris Doctorate preferred.

Experience:

• Minimum 5-7 (VP level) or 7-10 (FVP level) years of banking specific sourcing/procurement experience, including program design and development from the ground up.
• Experience/expertise in identification of savings opportunity, creating negotiating leverage, category management, development of and leading RFPs, contract negotiating & drafting (business and legal terms).
• Extensive knowledge of banking products, business models, operations and related regulatory requirements.
• Direct and significant experience in managing a Sourcing and Procurement (including contracting) function.
• Demonstrated success in developing and implementing all aspects of a Sourcing and Procurement Operations function from the ground up, including policies, procedures, systems/tools, templates, controls, and related change management and communications.
• Experience evaluating and managing spend categories, as opposed to just transactional or supplier specific initiatives.
• Experience working directly with all levels of the Bank, individual contributors to the C-Suite.
• Experience leading virtual and cross functional teams.
• Experience utilizing industry standard technology to support the source-to-pay process, including RFPs, workflow management, contract lifecycle management, e-signatures, purchase orders, etc.

Qualities/Skills/Abilities:

• Strong interpersonal skills.
• Dynamic change agent.
• Excellent leadership, communication, and stakeholder management skills.
• Keen eye for detail.
• Comprehensive understanding of banking processes and technologies.
• Strong understanding of modern procurement processes, innovative tooling, and best practices.
• Strong critical thinking and decision-making skills, with ability to drive consensus among multiple participants.
• Ability to guide others with executive level communication and presentation skills.
• Strong team player with good interpersonal skills and a track record of successfully working with cross-functional business stakeholders.
• Strong negotiation skills with proven ability to negotiate and draft contracts and manage cross-functional alignment with strategic changes.
• Ability to identify potential risks and liabilities as they relate to policies and business objectives and proactively develop solutions on contractual terms in collaboration with internal stakeholders.
• Ability to devise and drive procurement strategies based on category management and spend analyses.
• A high level of integrity.
• Ability to analyze financial and other relevant data, including macro-economic factors to make sound sourcing and contracting recommendations.
• Strong knowledge of regulatory environment both specific to sourcing and contracting, as well as to the broader banking business.

Other Details:

$104,900 – $177,200 / year Pay determined based on job-related knowledge, skills, experience, and location. This position may be eligible for a discretionary bonus.

Cathay Bank offers its full-time employees a competitive benefits package which is a significant part of their total compensation. It is our goal to provide employees with a comprehensive benefits package to fit their needs which includes, coverage for medical insurance, dental insurance, vision insurance, life insurance, long-term disability insurance, and flexible spending accounts (FSAs), health saving account (HSA) with company contributions, voluntary coverages, and 401(k).