Description

Roles in Vendor Management entail the consistent management of agreements with external partners for the procurement of goods, services, and other business operations conducted on behalf of the client (Business Initiatives). Vendor Managers play a crucial role supporting various business sectors and corporate functions, ensuring these initiatives align with the client’s interest, guaranteeing the realization of negotiated value, monitoring performance standards, adhering to business arrangement compliance, and managing residual risk. They also inform the organization's future dealings with third parties. Vendor Management contributes to the bank's risk mitigation strategy regarding third party involvement during crises.

Vendor Managers oversee Business Initiatives through the Third Party Management Framework (TPMF), which might encompass:

• Onboarding and Sourcing: Partner with internal stakeholders to identify and onboard new or existing third parties to meet business requirements.

• Oversight Management: Utilize tools to ensure and provide evidence of compliance with the client’s policies and standards.

• Contract Management: Understand and maintain awareness of Business Initiative terms and scope changes. For Initiatives involving licenses or other assets, develop and maintain governance processes for effective asset management.

• Relationship Management: Establish strong partnerships with third parties and internal stakeholders.

• Performance Management: Monitor, analyze and report on a third party's performance.

• Financial Management: Understand the financial terms of a Business Initiative and monitor a third party's financial health.

• Risk Management: Responsively identify issues and monitor trends with a third party to mitigate risks.

• Offboarding: Work with internal stakeholders to ensure smooth transition or termination of a third party relationship.

Vendor Managers may also have responsibilities as part of the Lead Vendor Management Office (Lead VMO) for a third party. These may include providing an enterprise-wide view of third-party relationships, leading governance meetings, and supporting the Executives in charge of third-party relations.

The primary purpose of the position is to manage third-party business initiatives in accordance with relevant frameworks, policies, and standards. Vendor Managers should have good comprehension of Business Initiative terms and are expected to monitor, analyze, and report on performance. They also identify and escalate issues to mitigate potential risks. In more strategic, critical, and/or complex relationships, the role may also act as the Lead Vendor Manager supporting executives in charge of third-party relations.

Requirements

Qualifications:

• Undergraduate degree

• 5+ years of related experience

• In-depth knowledge/expertise in domain/field of specialty

• Understanding of broader related areas

• Knowledge of the industry, competition, and the factors that differentiate the organization

• Proven track record as a subject matter expert

• Proficient knowledge of Vendor Management, Business Initiatives, and Third-Party Management Framework (TPMF) principles.

• Familiarity with current and emerging competitor and market trends

• Knowledge of risk management standards and regulations

• Proficient knowledge of financial management and budgetary principles.

• Effective communication skills both oral and written

• Strong relationship-building skills

• Ability to work both independently and collaboratively

• Excellent analytical skills

• Proficiency in MS Office and other analytical software

• Discretion when handling confidential information.

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