Strategic Sourcing Manager

BMO•Toronto, ON

7d•CA$75,900 - CA$141,900

About The Position

The Sourcing Manager, External Labor supports end-to-end sourcing for BMO's External Labor portfolio, including professional services, advisory services, technology services, staff augmentation, managed services, and project-based Statements of Work (SOWs). The role partners with business stakeholders to understand workforce needs, sourcing requirements, transformation priorities, and supplier strategies in order to deliver business value, manage risk, and optimize workforce-related spend. This role acts as a trusted sourcing advisor to assigned business groups, helping stakeholders evaluate sourcing alternatives, supplier capabilities, commercial models, market conditions, and contract structures. The Sourcing Manager leads competitive sourcing events, supplier selection, due diligence, negotiation, contracting activities, and category initiatives while applying BMO's procurement, supplier risk, and governance requirements. The successful candidate will bring strong sourcing fundamentals, analytical capability, stakeholder management skills, negotiation experience, and an interest in the evolving external workforce marketplace. Experience in professional services, contingent workforce, consulting, technology services, managed services, or SOW-based sourcing is strongly preferred.

Requirements

Typically 5 to 7 years of relevant strategic sourcing, procurement, category management, supply chain, consulting, or related experience, and a post-secondary degree in a related field of study or an equivalent combination of education and experience.
Strong knowledge of sourcing and procurement processes, procedures, controls, and category management practices.
Experience planning and executing competitive sourcing events, supplier evaluations, negotiations, and contract-related activities.
Strong analytical and problem-solving skills, including ability to compile, synthesize, and draw insights from spend data, supplier information, market research, and stakeholder input.
Demonstrated ability to assess risks, including identifying, quantifying, prioritizing, and incorporating risk considerations into sourcing recommendations.
Strong negotiation, stakeholder management, collaboration, influence, verbal communication, and written communication skills.
Ability to manage ambiguity, work independently, resolve conflicting priorities, and support multiple initiatives at the same time.
Proficiency with Excel and spreadsheet analysis; comfort using data to support decisions and recommendations.

Nice To Haves

Experience sourcing External Labor categories, including professional services, consulting, advisory services, staff augmentation, technology services, managed services, or SOW-based engagements.
Experience negotiating Statements of Work, professional services agreements, staffing arrangements, managed services agreements, or other external workforce-related contracts.
Familiarity with contingent workforce program models, VMS/MSP environments, supplier governance, and associated performance management practices.
Experience supporting commercial model development or negotiation, including rate cards, supplier markups, time-and-materials pricing, fixed-fee SOWs, milestone-based pricing, or outcome-based constructs.
Knowledge of labor market intelligence, skill availability trends, geographic rate variability, external workforce planning concepts, and supplier ecosystem dynamics.
Experience in financial services, technology, consulting, or another highly regulated industry is an asset.
Ability to prepare clear sourcing summaries, recommendation materials, risk considerations, and business cases for senior stakeholders.

Responsibilities

Lead end-to-end sourcing initiatives across the External Labor portfolio, including RFx events, supplier selection, due diligence, commercial evaluation, contract negotiation, renewal, and supplier onboarding.
Develop and execute category and sub-category sourcing strategies that align stakeholder needs with market opportunities, enterprise priorities, and BMO business objectives.
Support development of category management frameworks, sourcing roadmaps, project plans, supplier strategies, and recommendations for assigned External Labor spend areas.
Conduct market and supply analysis to identify supplier capabilities, preferred suppliers, sourcing alternatives, market trends, and potential opportunities to improve cost, quality, speed, and risk outcomes.
Apply disciplined sourcing methodologies, procurement policies, and project management practices to ensure sourcing initiatives are well controlled, well documented, and effectively executed.
Support sourcing activity across external labor sub-categories, including professional services, management consulting, advisory services, staff augmentation, technology services, managed services, and SOW-based engagements.
Analyze labor market conditions, skill availability, geographic delivery models, supplier capabilities, rate benchmarks, and workforce trends to inform sourcing recommendations.
Partner with stakeholders to understand external workforce needs, capacity constraints, specialized skill requirements, project demand, and transformation initiatives.
Assist in evaluating supplier delivery models, including onshore, nearshore, offshore, staff augmentation, project-based, managed service, and outcome-oriented models.
Maintain awareness of external labor market innovations, emerging workforce models, AI-enabled delivery capabilities, and supplier ecosystem trends that may impact category strategy.
Act as a trusted advisor to assigned business stakeholders by understanding business priorities, workforce requirements, sourcing objectives, risk considerations, and stakeholder expectations.
Influence stakeholder decision-making through data-driven insights, market intelligence, commercial analysis, and clear recommendations.
Help stakeholders evaluate sourcing alternatives, supplier strategies, commercial structures, contract options, and supplier risk considerations.
Build effective relationships with internal stakeholders, external suppliers, Legal, Compliance, Risk Support Areas, Third Party Risk teams, Finance, HR, and other enterprise partners.
Communicate key messages, sourcing strategies, recommendations, risks, and results clearly and effectively across managerial levels.
Lead or support supplier negotiations to achieve competitive commercial outcomes while balancing cost, service quality, flexibility, delivery accountability, and risk management.
Support development and negotiation of External Labor commercial models, including resource-based pricing, rate cards, supplier markups, time-and-materials arrangements, fixed-fee constructs, milestone-based SOW pricing, and other professional services pricing structures.
Identify demand management, cost optimization, supplier consolidation, pricing improvement, and process efficiency opportunities across assigned categories and portfolios.
Collaborate with suppliers and stakeholders to create value, improve performance, drive innovation, and support business outcomes.
Develop business cases and sourcing recommendations that assess expected value, supplier options, commercial implications, risks, and implementation considerations.
Performs initial supplier risk assessments and incorporates risk outcomes into sourcing recommendations, contracting strategies, and supplier governance plans.
Partner with Legal, Regulatory Compliance, Risk Support Areas, Third Party Risk teams, and business stakeholders to ensure supplier engagements align with BMO policies, standards, and control expectations.
Identify, quantify, and prioritize supplier-related risks, including operational risk, concentration risk, regulatory risk, contractual risk, performance risk, and delivery model risk.
Support contract lifecycle activities, including creating, modifying, renewing, and terminating supplier agreements as required.
Use supplier performance metrics, dashboards, reporting, and governance inputs to monitor supplier outcomes and identify opportunities for improvement.
Conduct spend analysis, supplier analysis, market research, benchmark analysis, and contract analysis to inform sourcing strategies and business recommendations.
Develop clear, actionable insights from data, research, stakeholder input, supplier information, and market intelligence.
Maintain sourcing pipeline information, project status updates, reports, dashboards, and other materials that support effective planning and execution.
Identify opportunities to enhance sourcing processes, improve stakeholder experience, increase speed-to-execution, and promote consistent use of category playbooks or sourcing templates.
Stay current on procurement best practices, sourcing methodologies, external labor market trends, supplier models, regulatory considerations, and emerging technologies impacting external workforce sourcing.
Manage multiple sourcing projects simultaneously while resolving competing priorities and stakeholder objectives.
Works independently and regularly handles non-routine situations with appropriate escalation and stakeholder engagement.
Provides specialized sourcing, analytical, and technical support for assigned categories and stakeholder groups.
Exercises judgment to identify, diagnose, and solve problems within established policies, standards, and risk requirements.
Takes measured risks while protecting the bank by applying BMO's Risk Management Framework, making sound and risk-informed decisions aligned to business strategy, policy requirements, laws, and regulations.
Broader work or accountabilities may be assigned as needed.