JOB DESCRIPTION
Location: Hybrid (Downtown, Toronto)
Duration: 12 months
Our client, a leading financial institution in Downtown Toronto is looking for a Senior Manager Sourcing to identify and analyze the strategic issues and challenges related to various supplier strategies and recommends the best solution to senior management. The successful candidate will have the opportunity to work with one of the Top 5 Banks in Canada.
Typical Day in role:
Decision Evaluation and Contract Execution
- Analyze Key Performance Indicators (KPIs) to identify and analyze strategic issues, business unit opportunities, service levels, consolidate critical and non-critical requirements across different suppliers
- Effectively prepare, coordinate and conduct all complex supplier negotiations
- Develop methodologies to capture savings as well as manage value driven negotiations
- Deliver on cost reduction commitments through the identification, development and execution of strategic souring initiatives
- Negotiate complex supplier contracts, supports business groups in managing supplier contracts and relationships and drafts and makes necessary amendments to current contracts as necessary
Relationship Management
- Build effective and strong relationships with key partners and stakeholders (including executive level) by understanding key needs and dynamics across stakeholder groups, decision makers and influencers
- Develop and maintain trusted relationships with key suppliers, negotiating pricing/and or quality of service while minimizing risk
- Act as a trusted business partner to influence and lead key sponsors and stakeholders through the sourcing process, to gain buy-in, overcome challenges and deliver on high priority, high-risk, complex initiatives
- Secure stakeholder support for complex decisions (e.g. unpopular, high-risk, contentious)
- Use networking and market intelligence to forge and maintain key strategic relationships
Sourcing Strategy Development & Opportunity Assessment
- Develop strategic sourcing strategies for specific business units executing purchases through the use of industry analysis, business knowledge, competitive analysis and sourcing expertise
- Create plans to identify or recommend alternative suppliers against the sourcing execution plan, to maximize service levels and procurement activities and create alignment to long-term business strategies
- Coordinate and manage external research activities to provide assessment of supply market conditions and to help address issues and challenges associated with the organization’s supply chain
- Identify, research and prioritize possible sourcing opportunities through internal spend analysis, knowledge of business unit, potential savings and/or business need
- Identify new purchasing opportunities and savings strategies through internal spend analysis to ensure sourcing plans meet savings objectives with support from each business unit
- Gather internal and external data, and analyze the data to identify and consolidate both supplier and business unit opportunities and requirements across different suppliers
- Identify and analyze strategic issues business unit opportunities, service levels, consolidate critical and non-critical requirements across different suppliers
Governance, Risk and Controls
- Manage and lead identified sourcing team through all sourcing activities including RFP development and analysis
- Develop and implement global efficiencies, standardized tools, practices and procedures, RFP, new supplier and decision-making evaluations
- Support KPI and metric reporting to key partners and decision makers to drive insights into business trends and opportunities and measure results
- Analyze complex procurement challenges and assist in developing solutions to best meet business needs
- Support development and adherence to financial, fraud-prevention and risk management controls through the Procurement process
Leadership
- Lead enterprise and business unit procurement initiatives
- Provide mentoring, coaching to help develop skills and abilities of team members to optimize future job performance
Must-Have Skills:
- 10 to 15 years of procurement sourcing experience, not purchasing experience
- Previous technology sourcing (5 years minimum experience)
- Leads negotiations for complex deals with a total contract value $5Million or more
- Contract authoring and editing
- Experience in leading and supporting cross functional stakeholder interactions/relationships
- Experience in global procurement, sourcing and relationship management
- Understanding of procurement law and/or regulations
- Leads complex deals with a total contract value $3Million or more
Nice-To-Have Skills:
- Understanding of procurement law and/or regulations
- Business and Financial Acumen
- Strong Negotiation skills
- Strong contract acumen
- Strong analytical skills
- Achieving financial targets (individual targets of $5MM savings, and team targets of $25MM)
Soft Skills Required:
- Impact and Influence
- Service Oriented Focus (Building Partnerships)
- Business and Financial Insight
- Communication (verbal and written)
Education:
- Post-secondary education in Finance, Related Purchasing field or Procurement Designation
Finance professional is committed to creating an inclusive environment where all team members and clients feel like they belong. We seek applicants with a wide range of abilities and we provide an accessible candidate experience. We advocate for you and welcome anyone regardless of race, color, religion, national origin, sex, physical or mental disability, or age.