Third Party Procurement Strategist

Fifth Third Bank • Cincinnati, OH

5d • Onsite

About The Position

The scope of the role and the responsibilities encompasses acquisition, structuring and negotiation of third party contracts for goods and services for the Bancorp. Provides Sourcing expertise and leadership for moderate to low risk Bancorp Sourcing projects for contracts and/or moderate to low spend. Provide guidance and advice to the Business Line managers and Risk Managers to minimize and manage risks associated with third party relationships. Supports Sr. Strategist to drive a Category Strategy that enables the Bancorp to support those customer relationships where the Bancorp is the third party service provider. 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 by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.

Requirements

• Bachelor's Degree or equivalent preferred
• 4+ years Sourcing or Procurement experience.
• Strong knowledge of Sourcing methodologies, best practices, negotiations and business processes.
• Champions new initiatives and removes barriers; encourages out-of-the-box thinking; acts as a catalyst for change and stimulates others to change.
• Actively drives continuous improvement in all aspects of the company.
• Fosters open communication.
• Excels at envisioning the future and shaping strategy.
• Excellent analytical skills.
• Problem solving.
• Change leadership skills.

Responsibilities

• Create and maintain supplier profiles.
• Support Sr. Strategist on designated categories.
• Execution of all Moderate risk / Moderate spend projects/contracts.
• Execution of all Moderate risk / Low spend projects/contracts.
• Execution of all Low risk / Moderate spend projects/contracts.
• Execution of all Low risk / Low spend projects/contracts.
• Execution of all Contract renewals/addendums/amendments assigned by Sr. Strategist regardless of spend or risk level.
• Execution of all contracts for maintenance renewals.
• Adhere to Sourcing Council Process for assigned projects.
• Manages the review process for service provider relationships that impact the Bancorp's Sarbanes Oxley compliance.
• Apply knowledge of best practices from throughout the Bancorp as they pertain to the risks associated with outsourcing and other third party service provider relationships.
• Support Business Line(s) and cross-functional teams in formulating business requirements to enable the achievement of strategic and tactical goals.
• Assist the business manager and legal in negotiating terms and conditions related to mitigating identified risk.
• Assist lines of business with the review and monitoring process to ensure compliance with the OSP Policy.
• Execute Sourcing strategies and support cross-functional teams of business line experts, subject matter experts and Sourcing professionals.
• Coordinate BSP requests and reviews as necessary.
• Ensure contracts, goals, and objectives are aligned with Bancorp objectives.
• Achieve world-class Sourcing results, protect the Bank, and be recognized as one of the subject matter experts for Strategic Sourcing for externally acquired goods and services.
• Develop relationships with key stakeholders to identify current and future business requirements and strategies for third party service provider arrangements.
• In collaboration with project team, manage Sourcing events including needs analysis; market analysis; competitive intelligence; RFI and RFP development; cost and proposal analysis; contract negotiation; deal structuring to minimize risk and assistance to develop an effective implementation plan.
• Continually maintain knowledge of market and industry trends and best practices.
• Leads negotiations for service provider agreements and other partnering arrangements.
• Finalize contracts and develop communication, transition and implementation plans.
• Network externally with industry and international experts to facilitate effective strategic intelligence.
• Responsible for developing the appropriate talent pool for succession planning.
• Proficient at coaching, developing and motivating others.

Benefits

• Comprehensive benefits
• 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: Mid Level