VP Sourcing and Procurement (Hybrid)

The Bancorp Bank, N.A. • Wilmington, DE

2d • Hybrid

About The Position

The VP Sourcing and Procurement provides strategic leadership and oversight of enterprise sourcing, procurement, and the Vendor Management Office (VMO). The role is accountable for delivering agreed expense savings through sourcing, negotiation, demand management, and supplier optimization, with Finance validating realized results. It establishes reliable spending and contract information, proactive renewal management, supplier performance oversight, and clear staff accountability. The role partners with business leaders and control functions to improve vendor economics while maintaining service quality, operational continuity, and required risk governance.

The position develops enterprise sourcing strategies and category and purchasing strategies across technology and other material third-party spend. It analyzes spending, demand, and supplier economics; challenges unnecessary commitments; leads sourcing and negotiations; tracks savings through implementation and Finance validation; and provides executive reporting. It also develops procurement policies and controls, oversees vendor and contract records and renewal planning, coordinates required control-function reviews, manages supplier performance, and leads and develops sourcing, procurement, and VMO staff.

This is a hybrid position available in The Bancorp's Wilmington, Delaware office. No travel is required. Success includes delivering Finance-validated savings, maintaining complete and current vendor and contract records, acting on renewals and exits ahead of notice deadlines, documenting sourcing decisions and approvals, completing required vendor reviews, and meeting staff responsibilities and performance expectations.

Requirements

• Bachelor's degree or an equivalent combination of training and experience.
• Minimum of 8 years of sourcing and procurement experience.

Nice To Haves

• Strong working knowledge of legal and vendor contract terms and conditions.
• Excellent analytical and decision-making skills.
• High level of attention to detail.
• Consistent track record of producing high-quality results.
• Ability to lead groups of people toward common goals.
• Excellent verbal, written, and interpersonal communication skills.
• Ability to work effectively in a collaborative, multi-tasking environment.
• Proficiency in Microsoft Office, including Excel, PowerPoint, Word, and Outlook.

Responsibilities

• Develop enterprise sourcing strategy, including category and purchasing strategies across technology and other material third-party spend.
• Establish category ownership, supplier strategies, and priorities aligned with business requirements, total cost, quality, and risk considerations.
• Analyze enterprise spending, demand, and the economics of major supplier relationships; challenge unused services, licenses, consultants, duplicate capabilities, and unnecessary commitments; and evaluate consolidation and exit opportunities.
• Agree annual and in-year savings commitments with Finance and leadership, maintain a qualified opportunity pipeline, and drive opportunities through negotiation, implementation, and realized expense reduction.
• Provide senior leadership with reporting on savings, spending, vendor performance, renewal priorities, and decisions required.
• Build partnerships with Finance, business lines, Human Resources, Operations, Facilities, and Technology.
• Lead competitive sourcing and negotiation, including requests for information and proposals, market analysis, supplier evaluation, and commercial negotiations.
• Document selection recommendations, competitive sourcing exceptions, and tradeoffs, and obtain approvals under delegated authority.
• Track and validate financial results using comparable costs, vendor proposals, and final negotiated amounts; distinguish savings, avoided increases, demand effects, and working capital benefits; and report impact without double counting.
• Follow through on implementation with VMO staff, business owners, and Finance to confirm agreed pricing, scope, and usage changes take effect in contracts, billing, and actual expense.
• Report negotiated, implemented, and Finance-validated realized savings separately.
• Develop procurement policies and purchasing controls; partner with Legal on contract standards, service measures, and commercial terms; coordinate approvals and signatures; and promote compliance with purchasing requirements.
• Oversee accurate vendor and contract records, including ownership, spending, obligations, renewal and notice dates, criticality, and risk classifications.
• Plan renewals, renegotiations, and exits ahead of contractual notice deadlines, coordinate commercial strategies, and escalate issues affecting timing, continuity, or value.
• Partner with Third Party Risk Management, Legal, Compliance, and Information Security on required vendor reviews and controls, including applicable supplier diversity and information technology purchasing requirements, while respecting established business ownership and approval authority.
• Oversee supplier performance and governance through supplier segmentation, scorecards, and business reviews covering service, spend, utilization, risk, and commercial opportunities; work with business owners to address performance issues and improve supplier value.
• Lead, coach, and develop sourcing, procurement, and VMO staff; establish responsibilities and performance expectations; allocate resources; strengthen commercial and analytical capabilities; and promote collaboration and accountability.
• Perform other duties as assigned.

What This Job Offers

• Job Type: Full-time
• Career Level: Executive