Responsibility Summary: The Sourcing Specialist is responsible for negotiating vendor contracts on behalf of business units, with a primary focus on low-to-medium value and moderately complex sourcing initiatives. Negotiations include contract terms (e.g. Indemnification, Limitation on Liability, Confidentiality provisions, etc.) and pricing. This role is responsible for partnering with business units to develop an understanding of their needs for vendor engagement and support projects which require vendor relationships. This role requires the Sourcing Specialist to coordinate with various business units to understand requirements for new projects, as well as firm-wide impacts associated with initiatives. The Sourcing Specialist must possess an emerging level of systems thinking and analytical capabilities.These skills will be employed to identify, communicate, and implement supply-base opportunities to achieve the best solution for the firm through a mix of cost savings, cost avoidance, and risk mitigation strategies. This role requires an ability to build relationships within cross-functional teams, communicate effectively, and develop plans to drive progress across sourcing initiatives. In this role, the Sourcing Specialist must: Lead multiple, concurrent sourcing initiatives in a cross-functional team environment that will include strategy, vendor selection, market intelligence, vendor and product viability and contract execution. Lead the negotiation of commercial and contractual terms with executives and legal representatives. Direct Senior Leaders towards the best purchasing decision by balancing solution cost with business requirements. Execute on defined objectives aligned to Sourcing Strategies through the development and distribution of RFx’s (RFI, RFQ, RFP), vendor communication, development of vendor selection criteria, and collaboration with cross-functional teams including business owners and legal. Maintain accurate records and data within the contract management system and other related sourcing tools Use procurement tools and systems to create operational efficiency and visibility across the enterprise Identify and pursue ad hoc opportunities to reduce product/service costs and support the implementation of operational improvement initiatives Span of Influence: This position has influence over vendor and product recommendations which can impact the entire firm including the local branch offices.This position is seen as a subject matter expert and acts as a consultant for business areas having needs in contract formation, negotiation strategy and contract execution. Business areas look to Sourcing to provide sound advice and ask the difficult questions to ensure the firm is making the correct decision. This position regularly interacts with the firm’s leaders, Legal department, and Partners as well as vendor executives. Contracts can be in place for multiple years and control millions of dollars in potential firm spend. Qualifications Required in the Job: Bachelor’s degree required. Requires a minimum of 4 years related work experience, preferably involving negotiation and contracts Understanding of Supply Chain management concepts and procedures Understanding of legal and contracting environments Understanding of operating environments of areas such as Finance, HR, Marketing, Information Systems. Ability to identify and avoid potential conflict of interest to ensure ethical business standards and practices are followed. Ability to communicate cost models, risk, and business concepts at the executive levels throughout the firm and with any given vendor People and project management / organizational development skills required Demonstrated ability to influence without authority and communicate upward and across divisions are required. Problem Solving: As a financial institution, many issues are governed by regulation, internal policies, procedures and guidelines which give guidance, but also present constraints in problem solving. Ability to collaborate with Senior Sourcing Managers and Sourcing Leadership to understand the strategic impact of a project and assess risk and business impact Ability to independently bring a negotiation to close with the best possible outcome for the firm Partner with Stakeholders to identify cost savings opportunities, efficiencies and cross divisional impacts and reduce risk to the firm Ability to learn to interpret legal document architecture and language Ability to logically break down problems and provide multiple options for resolutions Ability to develop creative solutions to business issues and vendor negotiations Lend expertise and provide direction to buyers and more junior negotiators when difficult or unusual problems are encountered. Decision Making: This position has a high level of autonomy. Initiatives are reviewed with colleagues and leaders; however, the Sourcing Specialist is responsible for working directly and independently with the business areas to develop a strategic solution that incorporates the business needs, while minimizing the business, legal and regulatory risk. Ability to identify and analyze a situation to make the most prudent and cost-effective decision considering all available data Most decisions have a high degree of complexity as each firm contract is different and can impact firm earnings Applicants must possess a passion for continuous learning and ability to build on foundational skills to progress into future roles.
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