VP/FVP, Manager, Sourcing and Procurement

About the role

Cathay Bank is seeking a visionary and transformative leader to build a new Strategic Sourcing and Procurement function.

Responsibilities

• Define strategy and execution of Sourcing and Procurement.
• Accountable owner of Sourcing and Procurement-related Policy, Procedures, Systems, Tools, Templates, programmatic performance metric development, contract and spend-related approval requirements and centrally managed Third Party Providers (TPPs).
• Provide direction and mentorship to all Sourcing and Procurement staff.
• Prioritize initiatives and work efforts, as well as assign projects to Sourcing and Procurement staff.
• Lead function and staff, while also managing own portfolio of categories & BU engagements including running RFPs and negotiating and drafting agreements.
• Partner with Third Party Risk Management (TPRM), Legal and other subject matter experts to develop a seamless and efficient Sourcing process that incorporates key risk and control considerations.
• Continuous improvement of program, inclusive of simplification, streamlining, automation, with effective balancing of risks & rewards.
• Establish department goals & objectives, including identification and execution on savings targets and continued KRI/KPI improvement.
• Effectively manage centrally-owned TPPs and other Sourcing-owned TPPs (e.g., office supplies, doc shred and storage, managed print, P2P system, etc.), according to Bank-established TPP risk requirements.
• Reports and escalates to applicable committees regarding performance of the function against stated objectives, as well as program non-compliance and exceedingly risky TPP engagements.
• Completes all bank-required training in a timely fashion.

Qualifications

• Education: Bachelor Degree in Business Administration, Economics, Finance, Supply Chain Management or related field; MBA or Juris Doctorate preferred.
• Experience: Minimum 5-7 (VP level) or 7-10 (FVP level) years of banking specific sourcing/procurement experience, including program design and development from the ground up.
• Expertise: Extensive knowledge of banking products, business models, operations and related regulatory requirements.
• Direct and significant experience: Direct and significant experience in managing a Sourcing and Procurement (including contracting) function.
• Development: Demonstrated success in developing and implementing all aspects of a Sourcing and Procurement Operations function from the ground up, including policies, procedures, systems/tools, templates, controls, and related change management and communications.
• Evaluation: Experience evaluating and managing spend categories, as opposed to just transactional or supplier specific initiatives.
• Management: Experience working directly with all levels of the Bank, individual contributors to the C-Suite.
• Teamwork: Experience leading virtual and cross functional teams.
• Technology: Experience utilizing industry standard technology to support the source-to-pay process, including RFPs, workflow management, contract lifecycle management, e-signatures, purchase orders, etc.

Qualities/Skills/Abilities

• Strong interpersonal skills.
• Dynamic change agent.
• Excellent leadership, communication, and stakeholder management skills.
• Keen eye for detail.
• Comprehensive understanding of banking processes and technologies.
• Strong understanding of modern procurement processes, innovative tooling, and best practices.
• Strong critical thinking and decision-making skills, with ability to drive consensus among multiple participants.
• Executive-level communication and presentation skills.
• Strong team player with good interpersonal skills and a track record of successfully working with cross-functional business stakeholders.
• Negotiation skills: Ability to identify potential risks and liabilities as they relate to policies and business objectives and proactively develop solutions on contractual terms in collaboration with internal stakeholders.
• Procurement strategies: Ability to devise and drive procurement strategies based on category management and spend analyses.
• Ambition: A high level of integrity.
• Financial analysis: Ability to analyze financial and other relevant data, including macro-economic factors to make sound sourcing and contracting recommendations.
• Regulatory knowledge: Strong knowledge of regulatory environment both specific to sourcing and contracting, as well as to the broader banking business.

Other Details

$104,900 – $177,200 / year Pay determined based on job-related knowledge, skills, experience, and location. This position may be eligible for a discretionary bonus.

Cathay Bank offers its full-time employees a competitive benefits package which is a significant part of their total compensation. It is our goal to provide employees with a comprehensive benefits package to fit their needs which includes, coverage for medical insurance, dental insurance, vision insurance, life insurance, long-term disability insurance, and flexible spending accounts (FSAs), health saving account (HSA) with company contributions, voluntary coverages, and 401(k).

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Cathay Bank is an Equal Opportunity and Affirmative Action Employer. We welcome applications for employment from all qualified candidates, regardless of race, color, ethnicity, ancestry, citizenship, gender, national origin, religion, age, sex (including pregnancy and related medical conditions, childbirth and breastfeeding), reproductive health decision-making, sexual orientation, gender identity and expression, genetic information or characteristics, disability or medical condition, military status or status as a protected veteran, or any other status protected by applicable law.

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