Procurement Consultant

About the role

We’re building a relationship-oriented bank for the modern world. The Procurement team provides sourcing support to business partners in executing on their priorities across all aspects of the third-party lifecycle, including advising on sourcing approach, supporting supplier selection methodologies (Request for Proposal, for example), negotiating, and contracting. The team supports a variety of lines of businesses including Capital Markets, Commercial Banking, Enterprise Architecture, Infrastructure Operations, and Wealth Management.

As a Procurement Consultant, you will manage the end-to-end procurement activities focusing on indirect spend categories to support these lines of businesses. You will define issues and resolve them in an innovative way when internal clients present requests in a general or ambiguous manner. You will develop and provide a procurement approach and recommendations as part of advisory service based on business requirements and contract analysis. You will develop, negotiate, execute, and implement low to moderate complexity procurement contracts while ensuring CIBC risks are mitigated and applicable regulatory requirements and CIBC policies are adhered to. You will develop contract content (commercial terms and descriptive content, for example) independently or in partnership with a legal resource, lead contract negotiations, and secure authorizations for agreement execution.

You will have the flexibility to manage your work activities within a hybrid work arrangement, spending one to two days per week in the office with the remainder remote.

Responsibilities

• Oversee the entire contract lifecycle, from inception to completion, ensuring compliance with legal, regulatory, and company policies.
• Review, draft, and negotiate various contracts, including vendor agreements, amendments, terminations, and other similar documents, ensuring contracts include terms most beneficial to CIBC at the most favorable price possible.
• Manage contract renewals, extensions, and amendments in a timely manner; assess contract performance and propose modifications as necessary to meet evolving business needs.
• Revisit and negotiate favorable pricing during each renewal and amendment activity with suppliers.
• Identify potential risks and liabilities in contracts as they relate to CIBC policies; provide guidance to lines of business on contractual terms, negotiation positions, and risk management strategies.
• Engage with key stakeholders throughout the organization regarding specific contract clauses when suppliers challenge the preferred language proposed by CIBC.
• Utilize contract management systems and processes to maintain accurate contract records and facilitate effective contract management; track contract performance, obligations, and deliverables to ensure compliance and prompt action.
• Collaborate closely with internal teams to understand business requirements, negotiate terms, and resolve contract-related issues.
• Maintain strong relationships with external partners, clients, and vendors to foster effective communication and ensure mutual understanding.

Requirements

• Demonstrated experience in procurement supplier processes, practices, tools and templates, and principles of formal sourcing processes.
• Ability to maximize efficiencies, processes, and systems to meet CIBC business goals.
• Strong self-planning skills to manage assignments according to general work plans, with the ability to multi-task, plan, and meet timelines.
• Experience drafting various types of supplier contracts is preferred.
• Strong written and oral communication skills, with a desire to develop strong influencing and negotiation skills.
• Enthusiasm for building relationships and trust through respect and authenticity.
• Client-first mindset with the ability to engage with purpose and urgency to find the right solutions.
• Attention to detail and strong critical thinking skills to inform decision making.
• Commitment to CIBC’s values: trust, teamwork, and accountability.

Benefits

• Competitive total rewards package with an expected salary range of $90,000.00 - $110,000.00 for the Chicago market based on experience, qualifications, and location.
• Eligibility to participate in the relevant business unit’s incentive compensation plan, which may include a discretionary bonus component.
• Comprehensive benefits including Medical, Dental, Vision, Health Savings Account, Life Insurance, Disability, and Other Insurance Plans.
• Paid Time Off (including Sick Leave, Parental Leave, and Vacation), Holidays, and 401(k).
• Special perks reserved for team members.
• Hybrid work arrangement with flexibility to work remotely part of the week.
• MomentMakers: a social, points-based recognition program.
• Wellbeing support and initiatives like Purpose Day: a paid day off dedicated to personal growth and development.

Schedule

Full-time, 40 hours per week.