Sr. Strategic Sourcing Manager - Banking Industry

About the Role

Responsible for leading and building a best-in-class Strategic Sourcing function, including developing strategy, policies, and procedures; directing a team of sourcing/category managers; establishing category plans to drive total cost of ownership savings; and leading the development and execution of reporting and tracking mechanisms. This role provides thought leadership and overall direction for supplier management, ensuring effective utilization of Strategic Sourcing, Procurement, and Contract Management.

Charged with setting the strategic vision and direction of Strategic Supply Management in alignment with bank objectives, with a focus on managing third-party risk through sound sourcing, contracting processes, and corporate governance. Expected to drive broad organizational impact by identifying key process needs and addressing changes to support company strategies for managing over $500 million in third-party spend.

Responsibilities

• Work with key business partners and senior leadership to understand strategic direction, supply requirements, and corporate business objectives and priorities.
• Drive thought leadership in categories by providing market and industry intelligence, innovation, and best practices, including negotiating and managing contracts.
• Lead the strategic sourcing of vendors, including identifying vendors for bidding procedures, negotiating single-sourced opportunities, and comparing vendor proposals to industry benchmarks.
• Plan, develop, direct, and implement complex business strategies through short/long-range objectives, change management, performance goals, and metrics for each spend category.
• Collaborate with Operations, Legal, TPRM/SMEs, Tax, Finance, Business Units, and other stakeholders to champion enterprise-wide cross-functional sourcing initiatives and identify savings opportunities.
• Optimize committed spend by directing spend analysis across commodity categories and proactively identifying opportunities for enterprise-wide relationship management and spend optimization.
• Lead analytical reporting using methods such as Total Cost of Ownership (TCO), commodity/service matrix comparisons, risk profiles, and quality considerations to inform vendor selection and performance.
• Conduct benchmarking, financial, and business analytics for long-range pricing and buy rationalizations.
• Assist business units in problem resolution related to vendors, services, and products.
• Build and maintain policies and processes to align with regulatory requirements (OCC, FFIEC, FDIC) and internal bank policies, including Coupa system optimization, controls, and data quality assurance.
• Manage special projects, including OCC/Regulator audits, internal audits, Coupa CRA, Source-to-Pay alignment, Diversity and Inclusion reporting, and Bank M&A activity.
• Support team professional development, including training on negotiations, financial reviews, business analytics, strategic sourcing, change management, and contract reviews.
• Ensure compliance with applicable federal, state, and local laws and regulations, including completing required compliance training and adhering to internal policies.

Requirements

• High School Diploma, GED, or foreign equivalent required; Bachelor’s Degree in Supply Chain Management, Accounting, Finance, or Business Administration preferred.
• 10 - 15+ years of experience in supply chain management, contract negotiation, vendor management, and third-party management within a highly regulated environment (e.g., large-scale financial/banking or mortgage organizations).
• Ability to productively interact with internal and external stakeholders, including senior bank officers, vendor account managers, and executive-level individuals.
• Strong working knowledge of OCC, FFIEC, and other regulatory guidelines and requirements.
• Experience with the 6- or 7-step Strategic Sourcing process, including market analysis, supplier identification, selection, negotiation, contracting, risk management, relationship management, financial management, performance management, and contract management.
• Analytical mindset with a passion for building vendor spend and opportunity analyses to drive cost savings.
• Demonstrated capability in verbal and written communication, project management, analytical and problem-solving skills, and leadership in a fast-paced environment.
• Self-motivated, with the ability to organize, multi-task, and prioritize initiatives while delivering timely results.
• Proficient to advanced skills in Excel, Word, PowerPoint, and Outlook.
• High integrity and ethical standards.

Pay

Pay range: $140,621.69 - $232,025.80.