Procurement Analyst

Position Description:

Job Purpose and Scope:

Responsible for coordinating small spend/low-tier total cost of ownership software contract negotiations for in-scope Vendor Management Office (VMO) Bank purchases and providing support to management in small to mid-spend negotiations. Collaborates with Third Party Risk Management, Legal, and various third-party relationship owners to accomplish work objectives. Engages in coordinating other types of IS-related contract negotiations on an as needed basis. Assist in the maintenance of the Bank’s procurement workflow and document repository system.

Primary Job Functions:

• Monitors and ensures compliance with established purchasing policies for small spend contract negotiations.
• Collects, researches, and analyzes data regarding technology-related business needs.
• Negotiates with vendors for the procurement of technology-related services to be run in-house or in a third-party hosted environment, as needed.
• Analyzes contracts and makes recommendations on terms and conditions.
• Schedules and may lead internal contract negotiation coordination calls with Third Party Risk Management, Legal, and third-party relationship owner(s) to ensure all contract edits are accounted for properly and revised, redlined contracts are submitted to vendors.
• Collaborates with Legal and third-party relationship owner(s) to review vendor responses to redlined contracts and assists in or may complete the negotiation process.
• Meets with senior management to review and discuss contracts, as necessary.
• Prepares reporting of savings generated from negotiation efforts.
• Participates in vendor Request for Proposal (RFP) review processes by collecting data/responses, assisting in organizing responses into scoring models, analyzing data, and providing feedback and recommendations.
• Researches potential software solutions to meet the needs of the business, as needed.
• Reviews and ensures high volume agreements meet Bank standards and are ready for approvals.
• Ensures contract workflow application is configured to support and enforce compliance with purchasing policy and management’s guidelines for negotiation processes.
• Performs contract administration by monitoring the Bank’s contract repository and coordinating with other members of the VMO, Legal, and Third Party Risk Management to ensure the accuracy and completeness of the repository.
• Responsible for managing NDA’s in accordance with the Bank’s Policy.
• Manages renewals and new relationships within a defined threshold.
• Verifies pricing for renewals are in line and works to avoid cost increases when necessary.
• Regularly exercises discretion and judgment in the performance of the other essential job functions.
• Maintains good punctuality and attendance to work.
• Performs other procurement and purchasing duties, as assigned.
• Follows Bank policy, procedures, and guidelines.

Knowledge, Skills & Abilities:

• Knowledge of business contract terms and negotiation practices.
• Knowledge of business implication of decisions.
• Knowledge of vendor management software functionality.
• Ability to communicate effectively both verbally and in writing.
• Ability to review and understand complex or diverse information.
• Ability to demonstrate creativity, critical thinking, initiative, and problem-solving skills.
• Ability to identify and resolve problems in a timely manner.
• Ability to multi-task and handle repeated interruptions effectively.
• Ability to operate and work collaboratively in a fast-paced, unpredictable environment, with exacting deadlines.
• Ability to manage multiple work streams and deliverables, and coordinate across functional initiatives.
• Ability to demonstrate effective planning, organizational and time management skills.
• Ability to work without close supervision.
• Ability to maintain confidentiality.
• Ability to demonstrate and maintain attention to detail.
• Ability to maintain accuracy and thoroughness in work.
• Ability to work extended hours as necessary.
• Skill in using computer and Microsoft Office, including Word, Excel, PowerPoint, and Outlook.

Equipment Used in Job Performance/Working Environment:

• Computer
• Telephone
• Multi-function device

Major Job Demands:

• Decision-making
• Problem-solving

Note: This description is not an exhaustive list of all job functions, duties, skills, and job standards required. Other job functions, duties, skills, and standards may be added. Management reserves the right to add or change the job requirements at any time.

Position Requirements:

Basic Qualifications:

• High school diploma or equivalent required; bachelor’s degree preferred.
• Minimum of one (1) year of work experience in purchasing/procurement, vendor contract administration/management, and/or third-party risk management including coordination with legal professionals in contract reviews/negotiations, required.