Procurement Analyst

Bank OZK•Little Rock, AR

12h

About The Position

Bank OZK is a nationally recognized industry leader in financial services with over 120 years of history. We combine exceptional service with innovative technologies to deliver smart solutions to clients nationwide. We are committed to fostering careers and providing our team members with the best resources for their physical, mental, and financial well-being. Our benefits package includes generous PTO, 401(k) matching, health, dental, vision, and pet insurance, along with special perks and discounts.

Requirements

General knowledge of business contract terms and negotiation practices.
Basic knowledge of vendor management software functionality.
Ability to understand and anticipate business implications of decisions.
Ability to analyze and interpret quantitative and qualitative data, summarize findings, and present actionable insights to stakeholders.
Ability to communicate effectively both verbally and in writing.
Ability to review and understand complex or diverse information.
Ability to demonstrate creativity, critical thinking, initiative, and problem-solving skills.
Ability to identify and resolve problems in a timely manner.
Ability to multitask and handle repeated interruptions effectively.
Ability to operate and work collaboratively in a fast-paced, unpredictable environment, with exacting deadlines.
Ability to manage multiple work streams and deliverables, and coordinate across functional initiatives.
Ability to demonstrate effective planning, organizational and time management skills.
Ability to work under general supervision.
Ability to maintain accuracy, thoroughness, and attention to detail.
Ability to work extended hours as necessary.
Skill in building and maintaining reports, trackers, and simple dashboards using Excel (e.g., pivot tables, lookups, and charts); ability to learn new reporting tools as needed.
Skill in using computers and Microsoft Office, including Word, Excel, PowerPoint, and Outlook.
High school diploma or equivalent required.
1+ year of work experience in purchasing/procurement, vendor contract administration/management, third-party risk management, and/or a comparable analyst background, required.

Nice To Haves

Experience with procurement/vendor metrics and reporting preferred.
Experience in a financial institution or banking environment preferred.
Advanced proficiency with Excel preferred.

Responsibilities

Monitors and ensures compliance with established purchasing policies for small spend contract negotiations.
Collects, researches, and analyzes data regarding technology-related business needs.
Negotiates with vendors for the procurement of technology-related services to be run in-house or in a third-party hosted environment, as needed.
Analyzes contracts and makes recommendations on terms and conditions.
Collaborates with Legal and third-party relationship owner(s) to review vendor responses to redlined contracts and assists with or may complete the negotiation process.
Meets with management to review and discuss contracts, as necessary.
Tracks and reports savings generated from negotiation efforts.
Develops and maintains recurring metrics and reports (e.g., savings, cycle time, renewal pipeline, and vendor activity) to support management decision-making.
Performs trend and variance analysis on vendor pricing and renewal terms to identify cost drivers, risks, and opportunities for optimization.
Supports procurement process improvement by validating data in the workflow/repository, identifying gaps, and recommending enhancements to controls, templates, and reporting.
Research potential software solutions to meet the needs of the business, as needed.
Performs contract administration by monitoring the Bank’s contract repository and coordinating with other members of the VMO, Legal, and TPRM to ensure the accuracy and completeness of the repository.
Responsible for managing NDAs in accordance with the Bank’s policy.
Reviews renewal pricing for alignment and works to mitigate cost increases, as needed.
Participates in special projects and performs other procurement and purchasing duties, as assigned.