Third Party Procurement Senior Analyst

Fifth Third Bank • Cincinnati, OH

10h • Onsite

About The Position

Fifth Third Bank is seeking a Third Party Procurement Senior Analyst to participate in the acquisition, structuring, due diligence, and negotiation of third-party contracts for goods and services. This role is responsible for ensuring projects run smoothly through coordination of activities, resources, equipment, and information from initiation to completion. The analyst is accountable for managing risk by openly exchanging ideas, elevating concerns, and adhering to policies and procedures. The position requires driving a positive customer experience and achieving results within the Bank’s risk appetite.

Requirements

• Bachelor's Degree or equivalent preferred.
• 3-4 years Sourcing or Procurement experience.
• Basic understanding of Sourcing and Vendor Management methodologies, negotiations, and business processes.
• Proven ability to multi-task and prioritize work to deliver on time and meet project deadlines.
• Desire to learn new processes, tools, and techniques.
• Flexibility during organizational and/or business changes.
• Strong interpersonal and relationship building skills.
• Critical listening and thinking skills.
• Attentive to details, accurate and well organized.
• Ability to navigate complex organizations.
• Effective written and verbal communication skills.
• Hands-on proficiency in Microsoft Office tools, including Project, Word, PowerPoint, Visio and Excel.
• Ability to work independently to set and manage plans.
• Ability to work within a team environment.
• Decision making/problem solving skills.

Nice To Haves

• No signature authority or category ownership.

Responsibilities

• Serve as the single point of contact for the new vendor vetting and onboarding process.
• Ensure Line of Business (LOB) understanding of governance processes by assisting with triage forms, PIPs, Inherent Risk Questionnaires, and other project kick-off forms.
• Collaborate with Sourcing strategists to translate business needs into sourcing strategies.
• Facilitate vendor due diligence with the Vendor Risk Management team, ensuring timely completion of VDDR responses.
• Ensure appropriate ancillary contract clauses are included based on the scope of vendor services.
• Coordinate redline reviews with Legal, LOB, and the vendor, and assist in negotiations.
• Work with the LOB and finance partners to ensure funds are budgeted and lead the appropriations request process where required.
• Ensure all stakeholders understand expectations for the onboarding process and provide pipeline reporting.
• Serve as a liaison between vendors and the business line to identify products and services supporting operational efficiency.
• Negotiate and execute contracts valued at $50k or less.
• Execute the 'Contract SharePoint Process'.
• Collect clauses derived from the IRQ process, generate Master Agreements, and provide templates for execution.
• Monitor expiring contracts and provide them to the applicable Sr. Strategist or Strategist six months prior to the notification date.
• Provide Vendor Managers with feedback regarding Vendor termination.
• Participate in weekly vendor management meetings and disseminate information.
• Prepare status reports and presentations for management and internal partners on key milestones, alternatives, and risks.
• Perform administrative tasks related to RFX (RFI, RFP, RFQ, RFB) creation, tracking, follow-up, and completion.
• Extract and report category spend information to Sr. Strategists and Strategists.
• Complete monthly status reports for each project/contract.
• Prepare meeting materials.
• Complete Sourcing AR Meeting Forms.
• Input, validate with Finance, and maintain savings data in Enterprise Savings Initiative (ESI) and NorthStar tracking spreadsheets.
• Maintain Sourcing projects in the TrackVia solution.
• Complete Sourcing Council documentation.
• Schedule supplier demonstrations.
• Conduct market research, including identifying diverse suppliers.
• Follow up on contracts with the Legal department.
• Contribute to creating a 'cost conscious' culture across Bancorp.

Benefits

• Comprehensive benefits
• Differentiated compensation offerings
• Incentive compensation plan
• Extensive benefits programs designed to support individual needs (physical, financial, emotional, and social well-being)

What This Job Offers

• Job Type: Full-time
• Career Level: Senior
• Education Level: Associate degree