Job Summary:
- The Senior Sourcing Manager is a strategically critical role responsible for managing complex supplier relationships, negotiating high-value contracts, and driving cost reduction initiatives.
- This individual will leverage their extensive experience in global procurement to develop and execute sourcing strategies that align with long-term business objectives.
- The role requires a deep understanding of procurement law and regulations, strong negotiation skills, and the ability to lead cross-functional teams through complex sourcing processes.
Key Responsibilities:
Decision Evaluation and Contract Execution (35%):
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Identify and analyze strategic issues related to supplier strategies and recommend effective solutions to senior management.
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Utilize Key Performance Indicators (KPIs) to identify business unit opportunities and optimize service levels across suppliers.
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Lead complex supplier negotiations to capture savings and manage value-driven negotiations.
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Negotiate and draft complex supplier contracts, supporting business units in managing supplier relationships and making necessary amendments.
Relationship Management (20%):
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Build and maintain strong relationships with key partners and stakeholders, including executive-level decision-makers.
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Act as a trusted business partner to influence and guide stakeholders through the sourcing process, securing support for complex decisions.
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Use networking and market intelligence to forge strategic relationships with key suppliers, negotiating pricing and quality while minimizing risk.
Sourcing Strategy Development \& Opportunity Assessment (20%):
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Develop strategic sourcing strategies based on industry analysis and business knowledge.
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Identify alternative suppliers and create alignment with long-term business strategies.
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Coordinate external research to assess supply market conditions and address supply chain challenges.
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Conduct internal spend analysis to identify sourcing opportunities and savings strategies.
Governance, Risk, and Controls (10%):
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Lead sourcing team activities, including RFP development and analysis.
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Implement global efficiencies and standardized tools and practices in procurement processes.
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Support KPI and metric reporting to drive insights into business trends.
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Develop and adhere to financial, fraud-prevention, and risk management controls.
Leadership (15%):
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Lead enterprise and business unit procurement initiatives, providing mentoring and coaching to team members.
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Ensure team alignment with Leadership Model and targeted behaviors.
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Achieve individual and team financial targets, including savings objectives.
Qualifications \& Skills:
Experience:
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10-15 years of experience in global procurement, sourcing, and relationship management.
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Proven track record in negotiating contracts with a total value of $3 million or more.
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Strong business and financial acumen, analytical skills, and negotiation expertise.
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Experience in leading complex deals and supporting stakeholder interactions.
Education:
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Required: Post-secondary education in Finance, Purchasing, or a related field; Procurement Designation.
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Preferred: Legal/Paralegal background and IT sourcing experience.
Additional Skills:
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Impact and influence, service-oriented focus, business and financial insight.
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Strong verbal and written communication skills.
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Ability to quickly adapt, continuously learn, and unlock the potential of people.
Level of Responsibility \& Decision Making:
- Evaluate and select suppliers based on specifications and evaluation criteria.
- Provide recommendations and advice to stakeholders on supplier selection and strategic sourcing approaches.
- Develop evaluation models and validate price quotations and specifications.
Hiring Manager's Notes:
- The ideal candidate should have experience facilitating legal aspects of contracts and understanding clauses related to intellectual property, liabilities, and confidentiality.
- Experience conducting multiple rounds of vendor negotiations and collaborating with legal teams is crucial.
- The role demands a unique support model distinct from other banks, emphasizing legal and IT sourcing expertise.
