Procurement Manager - Data and Professional Services

Morningstar•Chicago, IL

1d•Hybrid

About The Position

The Role: If you are a seasoned professional with a proven track record in market data procurement, possess strong leadership capabilities, and are ready to take on a strategic role within our organization, we invite you to apply for this exciting opportunity. Join us in shaping the future of our organization through effective data management and strategic procurement practices.

Requirements

Bachelor's degree in Business, Finance, or a related field; MBA preferred.
8 years of experience in Market Data.
Operational knowledge of, and experience in, market data systems, processes, entitlements, and compliance audits.
In-depth knowledge of financial markets and data sources.
6 years of negotiation and contract management, with demonstrable examples of methods used and outcomes.
Familiarity with regulatory requirements related to market data.
Extremely strong relationship-building and communication skills.

Nice To Haves

Experience in Coupa, Salesforce, ServiceNow, MDSL, and MDM a plus.
Analytical mindset with proficiency in data analysis tools.
Experience using and incorporating AI Tools into processes, or an ability to upskill quickly in this area.

Responsibilities

Market Data Sourcing: Identify, evaluate, and negotiate with market data vendors to procure essential data feeds and services. Stay abreast of market trends and emerging technologies to recommend innovative data opportunities.
Contract and Vendor Management: Manage and implement processes and tools for the procurement of Market Data, Indexes, Exchanges, and Professional Services categories. Implement strategic sourcing initiatives and negotiate contracts to achieve optimal terms. Collaborate with vendors to optimize contract terms, pricing structures, and service level agreements. Lead negotiations with market data vendors to secure favorable terms and conditions. Draft and review contracts, ensuring legal and financial compliance.
Compliance Objectives: Facilitate compliance objectives regarding Third-Party Data licensing, entitlement, distribution, and usage. Facilitate adherence to industry regulations and internal policies. Assess and mitigate risks associated with market data sources and contracts.
Cost Optimization: Develop and implement strategies to optimize market data costs while maintaining data quality. Conduct regular cost-benefit analyses to ensure the efficiency of data procurement processes.
Leadership and Coaching: Provide leadership to the Market Data Procurement team. Coach and mentor team members to enhance their skills and performance.
Business Partnership and Relationship Management: Build and maintain strong relationships with vendors, stakeholders, and internal teams. Collaborate with business units to understand their market data needs and align procurement strategies accordingly.
Strategic Process and Delivery Road Mapping: Develop and execute strategic roadmaps for procurement processes and delivery. Identify opportunities for process improvement and optimization.
Committee Membership and Ownership: Participate in relevant committees and take ownership of key initiatives. Represent the Market Data Procurement function in cross-functional meetings.
Performance Monitoring: Implement metrics and key performance indicators (KPIs) to monitor the performance of market data vendors. Take proactive measures to address any issues affecting data quality or service levels.
Market Data Department Maturity Modeling and Execution: Assess and improve the maturity of the Market Data Department. Execute initiatives to enhance departmental effectiveness and efficiency.
Cross-functional Collaboration: Collaborate with internal stakeholders, including IT, finance, and business units, to understand data requirements and align procurement strategies with organizational goals

Benefits

Financial Health
100% 401k match up to 6% of salary
Stock Ownership Potential
Company provided life insurance - 1x salary + commission
Physical Health
Comprehensive health benefits (medical/dental/vision) including potential premium discounts and company-provided HSA contributions (up to $500-$2,000 annually) for specific plans and coverages
Additional medical Wellness Incentives - up to $300-$600 annual
Company-provided long- and short-term disability insurance
Emotional Health
Trust-Based Time Off
6-week Paid Sabbatical Program
6-Week Paid Family Caregiving Leave
Competitive 8-24 Week Paid Parental Leave
Adoption Assistance
Leadership Coaching & Formal Mentorship Opportunities
Annual Flex Stipend - $1000 annually to cover personal education & well-being expenses
Tuition Reimbursement
Social Health
Charitable Matching Gifts program
Dollars for Doers volunteer program
Paid volunteering days
15+ Employee Resource & Affinity Groups
Total Cash Compensation Range $95,275.00 - 161,975.00 USD Annual Inclusive of annual base salary and target incentive
Morningstar's hybrid work environment gives you the opportunity to collaborate in-person each week as we've found that we're at our best when we're purposely together on a regular basis. In most of our locations, our hybrid work model is four days in-office each week. A range of other benefits are also available to enhance flexibility as needs change. No matter where you are, you'll have tools and resources to engage meaningfully with your global colleagues.