Buyer (Full-Time) - Purchasing - Remote

We’re building a relationship-oriented bank for the modern world. comThe Procurement team provides sourcing support to business partners in executing on their priorities across all aspects of the third-party lifecycle, including advising on sourcing approach, supporting supplier selection methodologies (Request for Proposal, for example), negotiating, and contracting. The team supports a variety of lines of businesses including Capital Markets, Commercial Banking, Enterprise Architecture, Infrastructure Operations, and Wealth Management.As a Procurement Consultant, you will manage the end-to-end procurement activities focusing on indirect spend categories to support the aforementioned lines of businesses. You will develop and provide a procurement approach and recommendations as part of advisory service to our internal clients based on their business requirements and contract analysis. You will develop, negotiate, execute, and implement low to moderate complexity procurement contracts, while ensuring that CIBC risks are mitigated. In addition, you will adhere to any applicable regulatory requirements and CIBC policies. Finally, you will develop contract content (commercial terms and descriptive content, for example) independently or in partnership with a legal resource, lead the contract negotiations, and secure authorizations for agreement execution.You will have the flexibility to manage your work activities within a hybrid work arrangement where you will spend one to two days per week in the office, while other days will be remote.Job PurposeResponsible for managing all aspects of contractual agreements with assigned suppliers, ensuring compliance, minimizing risks, and maximizing opportunitiesFocus on contract negotiation, drafting, and executionContract Execution and ManagementOversee the entire contract lifecycle, from inception to completion, ensuring compliance with legal, regulatory, and company policiesReview, draft, and negotiate various contracts, including vendor agreements, amendments, terminations, and other similar documents, ensuring contracts are inclusive of terms that are most beneficial to CIBC and at the most favorable price possibleContract Renewals and AmendmentsManage contract renewals, extensions, and amendments in a timely mannerAssess contract performance and propose modifications, as necessary, to meet evolving business needsRevisit and negotiate favorable pricing during each renewal and amendment activity with suppliersRisk Assessment and MitigationIdentify potential risks and liabilities in contracts as they relate to CIBC policiesProvide to the lines of business on contractual terms, negotiation positions, and risk management strategiesEngage with key stakeholders throughout the organization with expertise related to specific contract clauses when suppliers challenge the preferred language proposed by CIBCContract AdministrationUtilize contract management systems and processes to maintain accurate contract records, and facilitate effective contract managementTrack contract performance, obligations, and deliverables to ensure compliance and prompt actionCollaboration and NegotiationCollaborate closely with internal teams to understand business requirements, negotiate terms, and resolve contract-related issuesMaintain strong relationships with external partners, clients, and vendors to foster effective communication and ensure mutual understandingWho You AreYou can demonstrate experience in procurement supplier processes, practices, tools and templates, and principles of formal sourcing processes. You have strong self-planning skills sufficient to plan your own assignments according to general work plans while having the ability to multi-task, plan, and meet timelines. Experience drafting various types of supplier contracts is preferred. Your critical thinking skills help to inform your decision making.The successful candidate may be eligible to participate in the relevant business unit’s incentive compensation plan, which may also include a discretionary bonus component. including Medical, Dental, Vision, Health Savings Account, Life Insurance, Disability, and Other Insurance Plans, Paid Time Off (including Sick Leave, Parental Leave and Vacation), Holidays and 401(k), in addition to other special perks reserved for our team members.We work to recognize you in meaningful, personalized ways including a competitive salary, incentive pay, banking benefits, a benefits program*, a vacation offering, wellbeing support, and MomentMakers, our social, points-based recognition program.comYou need to be legally eligible to work at the location(s) specified above and, where applicable, must have a valid work or study permit.We may ask you to complete an attribute-based assessment and other skills tests (such as simulation, coding, MS Office). Our goal for the application process is to get to know more about you, all that you have to offer, and give you the opportunity to learn more about us.Job LocationIL-Chicago, 70 W Madison St Fl 9Employment TypeRegularWeekly Hours40SkillsAnalytical Thinking, Communication, Contract Negotiations, Detail-Oriented, Policy Compliance, Researching, Risk Management, Service LevelsSummaryLocation: Chicago, ILType: Full time