Cost and Supplier Management Senior Manager

Truist Bank • Atlanta, VA

11d • Onsite

About The Position

The Cost and Supplier Management Senior Manager leads a team of strategists and consultants focused on cost optimization and supplier management for TD&O Wholesale divisions, including Payments, Wealth, Investment Banking, Lending, Sales Enablement, Digital, Treasury, and Production Support.

Requirements

• Bachelor’s degree and thirteen years of cost and supplier management experience with experience managing complex, IT vendor relationships; or an equivalent combination of education and work experience.
• Deep specialized and/or broad functional knowledge. Sound understanding of business and organizational strategies and processes.
• Ability to interpret internal and external business challenges and recommend best practices. Ability to lead complex projects.
• Sophisticated analytical skills and the ability to solve complex technical and business problems.
• Ability to influence others at senior levels to adopt a new perspective.

Nice To Haves

• Master’s degree or MBA and fifteen years of experience or an equivalent combination of education and work experience, including five years of management experience.
• Banking or financial services experience.
• Experience in leading large-scale complex projects from beginning to end.

Responsibilities

• Strategic Leadership and Vision:
• Develop and execute a comprehensive cost and supplier management strategy that aligns with Truist’s business objectives and long-term growth plans.
• Provide strategic leadership to the Supplier Management Managers and their teams, ensuring alignment with organizational goals and fostering a culture of excellence and innovation.
• Collaborate with senior leadership to influence and support key business decisions related to supplier management and procurement strategies.
• Oversight of Supplier Management Function:
• Oversee the management of all supplier relationships, ensuring that Supplier Management Managers effectively manage their teams and supplier engagements.
• Ensure that supplier strategies are aligned with Truist’s objectives, including risk management, cost optimization, and performance improvement.
• Monitor the overall effectiveness of the supplier management function, identifying areas for improvement and implementing necessary changes.
• Cost Management and Financial Oversight:
• Lead the development and implementation of cost management strategies that drive efficiency and maximize value across the supply chain.
• Oversee financial planning and budgeting related to supplier engagements, ensuring that cost objectives are met and financial risks are managed.
• Work closely with the finance team to develop and monitor key financial metrics, ensuring alignment with Truist’s financial goals.
• Performance Monitoring and Continuous Improvement:
• Establish and monitor key performance indicators (KPIs) to assess the effectiveness of supplier relationships and management strategies.
• Lead initiatives to continuously improve supplier performance, including the development of advanced Service Level Agreements (SLAs) and performance evaluation frameworks.
• Drive a culture of continuous improvement within the cost and supplier management function, encouraging innovation and the adoption of best practices.
• Risk Management and Compliance:
• Develop and implement comprehensive risk management strategies to mitigate risks associated with supplier relationships and ensure compliance with regulatory requirements.
• Oversee the identification and management of potential risks, working closely with legal, compliance, and other relevant departments.
• Ensure that Supplier Management Managers are effectively managing risks within their teams and supplier portfolios.
• Cross-Functional Collaboration and Influence:
• Collaborate with cross-functional teams, including procurement, finance, legal, and operations, to ensure a cohesive approach to supplier management and cost optimization.
• Act as a senior advisor to internal stakeholders on supplier-related issues, providing strategic guidance and support.
• Lead cross-functional initiatives aimed at enhancing the effectiveness of the supplier management function and driving organizational success.
• Talent Management and Development:
• Lead efforts to attract, develop, and retain top talent within the Cost and Supplier Management function, ensuring a strong pipeline of future leaders.
• Provide mentorship and development opportunities to Supplier Management Managers and their teams, fostering a culture of learning and growth.
• Implement succession planning initiatives to ensure the continuity of leadership and expertise within the function.
• Reporting and Strategic Communication:
• Prepare and present high-level reports on supplier performance, cost management, and strategic initiatives to executive leadership.
• Ensure effective communication of supplier management strategies and outcomes across the organization, building support for key initiatives.
• Maintain transparency and accountability within the cost and supplier management function, ensuring that all activities are aligned with Truist’s strategic goals.
• Innovation and Market Intelligence:
• Stay abreast of industry trends, emerging technologies, and market conditions that could impact Truist’s supplier management strategies.
• Lead the integration of innovative approaches and technologies into the cost and supplier management function, driving competitive advantage.
• Identify and capitalize on opportunities to enhance Truist’s supplier management framework through strategic innovation and market insights.

Benefits

• Truist offers medical, dental, vision, life insurance, disability, accidental death and dismemberment, tax-preferred savings accounts, and a 401k plan to teammates.
• Teammates also receive no less than 10 days of vacation (prorated based on date of hire and by full-time or part-time status) during their first year of employment, along with 10 sick days (also prorated), and paid holidays.
• Depending on the position and division, this job may also be eligible for Truist’s defined benefit pension plan, restricted stock units, and/or a deferred compensation plan.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior
• Number of Employees: 5,001-10,000 employees