Sr. Strategic Sourcing Manager - Banking Industry

Flagstar Bank•Work From Home NC, NC

12d•$140,622 - $232,026•Remote

About The Position

Responsible for leading and building a best in class Strategic Sourcing function which includes: developing strategy, policies and procedures; leading and directing a team of sourcing/category managers who specialize in one or more categories; establishing category plans for the collective group of spend categories to drive total cost of ownership savings; leading the development and execution of reporting and tracking mechanisms; reporting on sourcing strategies and performance; optimization of the S2P Coupa tool; driving cross-functional category teams in change management and supply/service continuity; defining procurement requirements, SLAs/KPIs,and operational needs. Will provide thought leadership and overall direction to the company with regards to its suppliers with the effective utilization of Strategic Sourcing, Procurement and Contract Management. Charged with setting the strategic vision and direction of Strategic Supply Management in support of and alignment with Bank objectives. Will have a keen focus on effectively managing third-party risk through a consistently applied and sound managed sourcing/contracting process, effective contracts and corporate governance and controls. Is expected to have a broad organizational impact in identifying key process needs and address changes needed to effectively support company strategies to manage consumption and demand in the context of controlling expenses for over $500 million in third-party spend.

Requirements

High School Diploma, GED, or foreign equivalent required.
10 - 15+ years experience in supply chain management, contract negotiation, vendor management, and third-party management within a highly regulated environment for large scale financial/banking, mortgage origination/servicing organizations.
Ability to productively interact with internal and external levels of management that will include: senior bank officers, vendor account relationship managers, FSB senior and executive level individuals, and/or vendor principles and ownership.
Ability to work with key business partners and senior leadership to understand strategic direction, supply requirements and corporate business objectives and priorities.
Drive thought leadership across all Bank vendor spend and categories providing market and industry intelligence, innovation and best practices.
Ability to deliver consistent delivery of positive results to ensure strategic direction, operational, regulatory compliance, risk, cost and quality goals are achieved.
Strong working knowledge and experience with OCC, FFIEC and/or other regulatory guidelines and requirements.
Strong understanding and experience in highly effective supplier/third party management activities: 6- or 7-step Strategic Sourcing process including market analysis, supplier identification, selection, negotiation, contracting, risk management, relationship management, financial management, performance management and contract management.
Ability to use best judgment and discretion in solving issues and/or satisfying overall Bank together with stakeholder needs when corporate policy and procedures appear absent or silent on the issue(s).
Analytical and passionate in thinking and building vendor spend and opportunity analyses to drive meaningful cost savings across the Bank.
Demonstrated capability with excellent verbal and written communication skills, project management, strong analytical and problem-solving skills, multi-tasking in a fast-paced environment and general leadership/management skills.
Self-motivated, takes initiative and has the ability to effectively organize, multi-task, and prioritize a wide-array of initiatives and consistently deliver timely results.
Proficient to advanced skills with Excel, Word, PowerPoint and Outlook.
High integrity and ethics.

Nice To Haves

Bachelor’s Degree Preferred in Supply Chain Management, Accounting, Finance, or Business Administration.

Responsibilities

Work with key business partners and senior leadership to understand strategic direction, supply requirements and corporate business objectives and priorities.
Drive thought leadership in categories providing market and industry intelligence, innovation and best practices to include negotiating & managing contracts.
Identify vendors for bidding procedures to drive the best possible commercial outcome for the Bank and for negotiations when single-sourced opportunities require negotiation.
Compare vendor proposals to industry benchmarks and assist the business unit in producing market studies to justify price and vendor selection.
Plan, develop, direct, and implement complex business strategies through the establishment of short/long-range objectives, change management, performance goals, and metrics for each spend category.
Collaborate with Operations, Legal, TPRM/SMEs, Tax, Finance, the Business Units, and other stakeholders as needed to champion enterprise wide cross-functional sourcing initiatives.
Identify savings opportunities.
Optimize committed spends on behalf of the company by directing spend analysis across commodity categories and working with various business units throughout the Bank to proactively identify opportunities for enterprise-wide relationship management and commodity specific optimization of spend.
Lead the utilization of appropriate analysis methods used in the decisioning process that helps to decipher and determine vendor consideration, selection and performance (e.g., Total Cost of Ownership (TCO), commodity or service matrix comparisons, risk profiles and quality considerations).
Assure proper analysis and application of internal and external industry specific research information to determine Bank direction in designated categories including reasons for pricing increases and/or decreases.
Conduct benchmarking, financial and business analytics for long range pricing and buy rationalizations.
Assist the business unit in problem, cause & solution resolution and to assist where appropriate in solving and or mitigating problems and problems associated with vendors, their services and products.
Build and maintain policy and process to align with and support compliance with regulatory requirements and guidelines (OCC, FFIEC, FDIC, etc.) and internal Bank policies and procedures, Coupa system optimization, controls and data quality assurance, and maintenance of procedures, desk guides, reporting and training/presentation materials as needed.
Manage special projects and program management as assigned which will include: OCC/Regulator audit, Internal Audit, Coupa CRA, alignment with end-to-end Source to Pay, Diversity and Inclusion activity reporting, and Bank M&A activity.
Support the talent development of inter-departmental team members and the overall development of cross-functional teams.
Support team member professional development and the overall professional enhancement of the function.
Set the example and conduct training sessions for negotiations, financial reviews, business analytics and general management.
Establish and train staff on methodologies for strategic sourcing, change management, contract reviews and individual development.
Ensure compliance with applicable federal, state and local laws and regulations.
Complete all required compliance training.
Maintain knowledge of and adhere to Flagstar’s internal compliance policies and procedures.
Take responsibility to keep up to date with changing regulations and policies.