Third Party Procurement Senior Analyst

Fifth Third Bank • Cincinnati, OH

2d • Onsite

About The Position

Participates in the acquisition, structuring, due diligence, and negotiation of third party contracts for goods and services for the Bancorp. Responsible for keeping the project running smoothly through the coordination of activities, resources, equipment and information from project initiation through completion. Responsible and accountable for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures as defined. Accountable for always doing the right thing for customers and colleagues, and ensures that actions and behaviors drive a positive customer experience. While operating within the Bank’s risk appetite, achieves results.

Requirements

• Bachelor's Degree or equivalent preferred with 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 help 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 and 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 that the LOB has an understanding of the governance processes required for their project at the onset by assisting with the triage form, the PIP, the Inherent Risk Questionnaire and any other project kick off forms required to move forward.
• Working with the associated Sourcing strategists to translate the business need into a sourcing strategy that meets the timelines and requirements of the business.
• Facilitate the vendor due diligence process in conjunction with the Vendor Risk Management team to ensure timely completion of VDDR responses from the vendor, LOB, and risk experts.
• Ensure that the appropriate ancillary contract clauses needed based on scope of the vendor services are included in the agreements.
• Coordinate redline review with Legal, the LOB, and the vendor and understand points of leverage to assist in negotiations.
• Work with the LOB and appropriate finance partner to ensure that funds are budgeted, including leading the appropriations request process where required.
• Ensure that all stakeholders have a clear understanding of what is expected of them through the onboarding process, including providing pipeline reporting stakeholders to ensure they are prepared for requests in advance of when they are made.
• Serve as liaison between vendors and the business line to identify products and services to support operational efficiency.
• Negotiate and execute contracts valued at $50k or less.
• Execution of "Contract SharePoint Process".
• Collect clauses as derived by the IRQ process, generate Master Agreement and provide template to applicable Sr. Strategist or Strategist for execution.
• Monitor expiring contracts and provide to applicable Sr. Strategist or Strategist for execution six (6) months prior to the notification date.
• Responsible for providing Vendor Managers with applicable feedback regarding Vendor termination.
• Participate in weekly vendor management meeting and disseminate information as appropriate.
• Prepares status reports and presentations to keep all levels of management and internal partners abreast of key milestones, alternatives, and potential risks.
• Administrative creation/tracking/follow-up/completion of RFX Request for Information (RFI), Request for Proposal (RFP), Request for Quote (RFQ), and Request for Bid (RFP).
• Extract and report category spend information and provide to Sr. Strategist and Strategist.
• Complete monthly status report for each project/contract.
• Prepare meeting materials.
• Complete Sourcing AR Meeting Form.
• Input, validate with Finance and maintain savings data in Enterprise Savings Initiative (ESI) and NorthStar tracking spreadsheets.
• Maintain Sourcing projects in TrackVia solution.
• Complete Sourcing Council documentation.
• Schedule supplier demonstrations (demos).
• Conduct market research as needed, including diverse suppliers.
• Contract follow-up with Legal department.
• Works to create a 'cost conscious' culture across Bancorp.

Benefits

• Comprehensive benefits and differentiated compensation offerings
• Eligible to participate in an incentive compensation plan
• Extensive benefits programs designed to support the individual needs of our employees and their families, encompassing physical, financial, emotional and social well-being.

What This Job Offers

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