Selling Points of Position: Working within a leading FI organization
Background:
5 yr of vendor management in the Banking industry ideally
Summary of day to day responsibilities:
Bank’s Business Banking provides financial solutions to Canadian businesses of all sizes across a wide range of industries. In pursuit of The Quest, dedicated Better Business Bankers deliver customized solutions to meet the unique needs of our customers. Drawing on a range of products and services including financing, deposit, investment, cash management, international trade and foreign exchange, we provide the right tools and advice to help customers achieve their goals.
The Business Banking VMO supports a dozen LOBs under the Business Bank umbrella including Merchant Solutions, Auto Finance, Equipment Finance, Credit, Commercial Banking and Commercial Mortgage, to name a few. The BB VMO resides within the larger Canadian Personal Banking and Business Banking VMO under the Enterprise VMO of the bank.
Job Description:
Thought leader and strategic thinker, with a future-focused mindset on how to drive the business forward
Facilitate phases of the Third-Party Risk Management Lifecycle, and ensure compliance with TPRM Policy, Standards and Framework
Accountable and responsible for timely completion of Third Party Inherent Risk Assessments for new/change third party relationships and other required assessments and deliverables, including review/approval from key stakeholders
Accountable and responsible for monitoring vendor performance and risk, via reporting/dashboards/governance routines
Accountable and responsible for risk and issue management, escalating and tracking vendor issues per TPRM Issue management requirements, partnering with the business to drive remediation plans
Manage and drive timely renewal of all contracts; Participate in/facilitate contract renewal and negotiation process, working with internal partners (Legal, Sourcing, Contracts) as well as business partners to ensure contracts and agreements maximize our values, meet business objectives, regulatory requirements, mitigate risks and meet bank’s policies and standards
Possess a strong understanding of contractual terms and conditions, and their commercial implications to the business to effectively manage vendor agreement(s) and relationship(s) and ensure adherence to contractual requirements
Lead the assessment/development of SLA’s, standards, policies, procedures and compliance monitoring plans that maximize customer satisfaction, decrease risk and/or mitigate to the maximum of availability, efficiency and effectiveness
Collect/Review/Assess audit documentations (i.e. CSAE3416, SOC I/II) and determine next steps for remediation of gaps
Provide oversight to ensure organized storage of evidence of all activities for audit readiness
Provide oversight in support of invoice processing, ensuring procedures are in place, including billing, invoicing, rebates, performance/penalty adjustments and internal charge backs, where appropriate
Closely monitor vendor spend (costs), proactively identifying opportunities to improve cost effectiveness and trends against budget forecasts
Maintain a strong understanding of the Bank’s vendor management tools including Enterprise Spend Portal (ESP), Enterprise Contract Management (ECM), Hiperos, etc.
Maintain and ensure satisfactory Internal and External Audits & Compliance requirements are met
Build/foster solid relationships and organizational alignment with our business, sourcing, legal and contract partners, ensuring communication channels exist, attending/facilitating meetings and participating in working session
Provide effective day-to-day coaching and guidance to colleagues; share and teach best practices
Act as the leader in administering change management, performance management and the talent pipeline for the development of the team
Job Requirements:
Highly professional with established relationship building with previous Vendor Management experience and/or working with Third-Parties – MUST HAVE
Comfortable with legal language and able to fully understand contract contents – Must Have
Ability to manage multiple Vendor relationships simultaneously – MUST HAVE
Excellent communication, presentation and negotiation skills
Excellent documentation skills; understands the importance of organized evidence storage to ensure audit readiness
Ability to build effective working relationships with internal and external partners at all levels
Strong project management, organization and time management skills
Ability to work well under pressure and within tight timelines
Ability to multitask, manage competing priorities effectively
Demonstrated influencing, negotiation, analytical and presentation skills
Demonstrated stakeholder/relationship management and networking skills
Strong control environment mindset
Ability to create partnership and cross functional alignment
Strong ability to lead by influence
Ability to navigate through a complex compliance framework and make it “friendly” for the LOBs
Strong negotiation skills
Good working knowledge of Bank’s sourcing process and methodology – PREFERRED
Strong knowledge of the bank’s organizational structure including main business groups and their functions- PREFERRED
Must have:
Vendor management 5yrs
Regulatory
Governance/control/Risk oversight function 5yrs
Contractual language exp (understand contract verbiage)
Ms office suite
Nice To Have:
Banking
Ariba/Coupa/Archer
Job Details13142Contract18 monthsToronto
Expected salary:
Location: Toronto, ON
Job date: Fri, 11 Apr 2025 22:37:08 GMT
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