What are the responsibilities and job description for the Procurement Analyst position at AAA Life Insurance Company?
Overview
Operating within the core values and operating principles of the organization, the primary function of the Procurement Analyst is to analyze vendor risk and contract data, monitor vendor performance, identify cost-savings opportunities and contribute to the development and continuous improvement of procurement processes.
Responsibilities
Data Analysis, Reporting and Process Optimization:
Operating within the core values and operating principles of the organization, the primary function of the Procurement Analyst is to analyze vendor risk and contract data, monitor vendor performance, identify cost-savings opportunities and contribute to the development and continuous improvement of procurement processes.
Responsibilities
Data Analysis, Reporting and Process Optimization:
- Collect, track, and analyze Vendor Risk Management (VRM) and Service Level Agreement (SLA) data to drive procurement improvements.
- Develop and maintain dashboards to provide actionable insights into vendor performance, SLA compliance, contract expirations and procurement trends.
- Provide reporting to stakeholders to support decisions and highlight cost savings and process optimization opportunities.
- Enhance and streamline our current SLA tracking program to increase scalability.
- Monitor the VRM mailbox for new VRMs, ensuring vendor records are updated and tracked.
- Conduct and distribute VRM Completeness Checks to confirm all vendors have completed the VRM process.
- Track and escalate overdue VRMs, ensuring timely completion and compliance.
- Prepare and send monthly VRM status reports to key stakeholders, outlining pending tasks, VL responsibilities, and upcoming due dates.
- Partner with business units to define clear, measurable SLAs and ensure vendor liaisons (VLs) conduct quarterly reviews to assess compliance and address any deviations.
- Analyze procurement workflows and VRM/SLA data to identify risks, inefficiencies, and opportunities for improved accuracy.
- Develop and recommend strategies to enhance vendor accountability and ensure alignment with business objectives.
- Identify and assess risks related to SLA or VRM non-compliance, escalating issues and coordinating remediation with business units and appropriate level of management.
- Develop contingency plans to address potential disruptions and ensure continuity of service with minimal impact.
- Act as a liaison between procurement, vendors, and internal business units to ensure effective SLA and VRM management.
- Support the procurement team by organizing vendor review meetings and performance check-ins.
- Bachelor’s degree in Finance, Business Administration, Supply Chain Management, Accounting, or related field.
- A minimum of two (2) years of experience working with vendor management processes, reporting, analytics, and assessments of impacts on the company.
- Experience with procurement processes and systems, reporting tools, SLA tracking and cost accounting strongly preferred.
- Knowledge of data analysis and development of statistical/financial data for utilization in the formulation of reports with recommendations.
- Strong analytical and problem-solving skills with a track record of process improvements.
- Proficiency in MS Office Suite and financial software packages.
- Knowledge of Procurement/Accounting software applications considered a plus.
- Strong relationship-building skills. Ability to communicate effectively at various levels within the organization.
- Ability to work independently