What are the responsibilities and job description for the Strategic Sourcing Manager position at City National Bank?
STRATEGIC SOURCING MANAGER
WHAT IS THE OPPORTUNITY?
City National Bank is looking for a Strategic Sourcing Manager to join their Enterprise Procurement department supporting all business lines and offices in North America. This role will be responsible for leading complex negotiations and drafting contracts for commodities and services to be purchased by the bank. Interface with executive level management and make recommendations. Proactively identifies and recommends category sourcing options and partners with stakeholders to implement them. Determine and recommend alternate supply strategies to create cost savings and/or supply support solutions. Analyze business plans, spend data, supplier and market data, to determine optimal sourcing strategies across businesses and assigned suppliers and/or commodities. Contributes to the achievement of defined category performance targets and participates in or leads competitive RFPs as necessary. Determine and recommend alternate supply strategies to create cost savings and/or supply support solutions. Train and mentor other Enterprise Procurement team members.
WHAT WILL YOU DO?
Required Qualifications*
Compensation
Starting base salary: $77,000 - $143,000 per year. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.
Benefits and Perks
Benefits
At City National, we strive to be the best at whatever we do, including the benefits and perks we offer our colleagues including:
About Us
Since day one we've always gone further than the competition to help our clients, colleagues and communities flourish. City National Bank was founded in 1954 by entrepreneurs for entrepreneurs and that legacy of integrity, community and unparalleled client relationships continues today. City National is a subsidiary of Royal Bank of Canada, one of North America’s leading diversified financial services companies. To learn more about City National and our dynamic company culture, visit us at About Us.
INCLUSION AND EQUAL OPPORTUNITY EMPLOYMENT
City National Bank fosters an inclusive environment where all forms of diversity are valued and leveraged to make us a better company and employer. We are an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, religion, sexual orientation, gender identity, national origin, disability, veteran status or other basis protected by law.
It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.
WHAT IS THE OPPORTUNITY?
City National Bank is looking for a Strategic Sourcing Manager to join their Enterprise Procurement department supporting all business lines and offices in North America. This role will be responsible for leading complex negotiations and drafting contracts for commodities and services to be purchased by the bank. Interface with executive level management and make recommendations. Proactively identifies and recommends category sourcing options and partners with stakeholders to implement them. Determine and recommend alternate supply strategies to create cost savings and/or supply support solutions. Analyze business plans, spend data, supplier and market data, to determine optimal sourcing strategies across businesses and assigned suppliers and/or commodities. Contributes to the achievement of defined category performance targets and participates in or leads competitive RFPs as necessary. Determine and recommend alternate supply strategies to create cost savings and/or supply support solutions. Train and mentor other Enterprise Procurement team members.
WHAT WILL YOU DO?
- Lead Mid to High Level Complex Negotiation / Transactions / Procurement Projects
- Knowledgeable of the Strategic Sourcing process, drafting of contracts, financial reviews and procurement practices
- Lead negotiations and contract drafting for commodity/service to be purchased by the bank. Work with Legal, compliance, finance, the business and other department to minimize risk and obtain the favorable terms for the bank
- Proactively identifies and recommends category sourcing options and partners with stakeholders to implement them
- Determine and recommend alternate supply strategies to create cost savings and/or supply support solutions
- Analyze business plans, spend data, supplier and market data, to determine optimal sourcing strategies across businesses and assigned suppliers and/or commodities
- Contributes to the achievement of defined category performance targets and participates in or leads competitive RFPs as necessary
- Determine and recommend alternate supply strategies to create cost savings and/or supply support solutions
- Research and stay current on industry practices for product and services within the assigned category(s)
- Assist colleagues with interpreting contracts
- Lead RFx activity
- Builds and fosters relationships and effectively partners across varied functions with internal stakeholders, external suppliers, and colleagues to influence change,
- Manage assigned projects and communicate with the stakeholders
- Ensures compliance with Company policies, procedures, standards, use of Procurement systems in alignment with the stakeholder’s objectives
- Prepare reports for management as requested
- Manages supplier involvement and relationship with the Company
- Manages Supplier audit activities
- Governance of vendor sourcing agreements
- Manages/mitigates vendor risk, business continuity and security
- Acts as liaison with vendors to ensure organizational needs are met
- Prepares and presents strategic sourcing strategies for assigned suppliers and/or commodities to senior management
- Develops / maintains market and technical expertise in assigned buy categories
- Recognized as subject matter experts (SME) of their commodity(s)
- Evaluates existing processes and provide process improvement recommendations in line with best practices and practical experience
- Facilitates activities around supplier audits
- Mines spend data to identify cost savings opportunities
- Recommends to leadership supplier/vendor strategies for existing suppliers and alternatives
- Trains and mentors other Procurement team members
- Empowers others to achieve results through motivation, recognition and performance feedback
- Participates with management in development of procurement strategies and plans
- Works at strategic level and if requested tactical (hands-on)
- Perform other duties as required
Required Qualifications*
- Bachelor's Degree or equivalent
- Minimum 5 years Procurement experience required
- Minimum 2 years of experience working for a bank, financial services company or indirect Procurement Organization required
- Knowledge of negotiation principles & practices, and procurement practices
- Ability to learn and stay current on industry practices for product and services within the assigned category(s)
- Skill in Negotiation & Drafting: Acts with integrity. Experienced and skilled contract negotiator. Experienced drafting contracts terms & conditions and working with a team to develop a negotiation and sourcing strategy which will lead to the best negotiate outcomes
- Ability to adapt to change
- Skill in asking questions and open to learning new concepts, ideas, and implement them
- Creates and seizes opportunities even when faced with ambiguity; acts with integrity, is accountable and advocates in the best interest of the bank; is decisive and acts in a timely manner, acts on information and adapts with changes; seeks and accepts responsibility for failure; share responsibility for team success; seek best practices from across all industry sectors; advocate for solutions that will set the foundation for win-win solutions in future business opportunities
- Good verbal and written communication skills
- Ability to think systematically and strategically to analyze issues, develop and create short and long term actionable plans. Considers details and sees the big picture. Sees around corners to preempt potential problems and leverage opportunities; connects multiple seemingly unrelated problems to see the big picture
- Continually develops a better understanding of current and future challenges and opportunities; creates a recommendation and works with Procurement to successfully implements ideas. Systematically develops new approaches to standard or recurring goals and issues Generates the best outcomes through collaboration (business, Legal, compliance, etc.). Values colleagues’ individual differences and talents. Shares important or relevant information with the team to ensure solutions meets the needs of the bank
- Thoroughness in completing a task/analysis/project with concern for all elements required at every level
- Effectively manages time and resources
- Embraces challenges
- Lead a team and manage up
- Flexible and adaptable to change
- Master’s degree a plus
Compensation
Starting base salary: $77,000 - $143,000 per year. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.
Benefits and Perks
Benefits
At City National, we strive to be the best at whatever we do, including the benefits and perks we offer our colleagues including:
- Comprehensive healthcare coverage, including Medical, Dental and Vision plans, available the first of the month following start date
- Generous 401(k) company matching contribution
- Career Development through Tuition Reimbursement and other internal upskilling and training resources
- Valued Time Away benefits including vacation, sick and volunteer time
- Specialized health and family planning benefits including fertility benefits, and cancer, diabetes and musculoskeletal support programs
- Career Mobility support from a dedicated recruitment team
- Colleague Resource Groups to support networking and community engagement
About Us
Since day one we've always gone further than the competition to help our clients, colleagues and communities flourish. City National Bank was founded in 1954 by entrepreneurs for entrepreneurs and that legacy of integrity, community and unparalleled client relationships continues today. City National is a subsidiary of Royal Bank of Canada, one of North America’s leading diversified financial services companies. To learn more about City National and our dynamic company culture, visit us at About Us.
INCLUSION AND EQUAL OPPORTUNITY EMPLOYMENT
City National Bank fosters an inclusive environment where all forms of diversity are valued and leveraged to make us a better company and employer. We are an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, religion, sexual orientation, gender identity, national origin, disability, veteran status or other basis protected by law.
It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.
- Represents basic qualifications for the position. To be considered for this position, you must at least meet the required qualifications. careers.cnb.com accepts applications on an ongoing basis, until filled.
Salary : $77,000 - $143,000