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Vendor Management and Sourcing Director
Flagstar Bancorp
Troy, MI, United States
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Position TitleVendor Management & Sourcing DirectorDirector
LocationHeadquarters-Troy, MI
Job Summary The Director of Vendor Management & Strategic Sourcing is responsible for driving the strategy and day to day tasks for the overall vendor management and procurement functions. The director will provide strategy, guidance and best practice knowledge to build a vendor management discipline that covers the entire vendor relationship lifecycle, and is consistent across the enterprise. This position is also responsible for the overall design and implementation of procurement strategies that support the business, changing market conditions, and new business opportunities. The director will continue to build out the procurement function (people and process) and manage the Bank’s multi-million dollar purchase base across all spend categories ($150 – $200 million annual vendor spend)
This position is also responsible for establishing appropriate policies, procedures and protocols while also proactively monitoring all category spends to identify potential savings and leveraging opportunities. Responsible for developing the appropriate reporting and performance metrics while insuring adherence to applicable regulations. This position have ownership of the Vendor Management & Strategic Sourcing program ensuring that the bank is compliant with regulations and identification of key performance indicators to ensure the vendor management program maintains proper risk.
Job Responsibilities:
• Streamline vendor due diligence and vendor operations processes and ensure proper oversight through the entire vendor lifecycle. This will include developing and maintain organizational policies and procedures for vendor management activities. Lead sourcing team to develop strategies for sourcing which align with the company’s long term business plan. Seek out innovative sourcing options, building procurement strategies to maximize value while ensuring that internal expectations and requirements are met.
• Coordinate and oversee Request for Proposal process for any products and services related to our business. Negotiate and execute sourcing agreements for key relationships that drive cost and service improvements. Develop and mentor the Vendor Management organization as they provide training and direction to vendor relationship owners around the organization to ensure adherence to documented policies and procedures.
• Develop quality control or follow up measures to gauge compliance of current procurement agreements and procedures. Ensure contracts with suppliers and vendors are consistent with corporate objectives. Lead the consolidation of vendor base where such efforts would yield greatest benefit for Flagstar, ultimately delivering cost savings year over year while encouraging vendors to provide innovative solutions.
• Lead the development and adoption of corporate vendor management standards and provide support and training to other functional areas in vendor management as needed. This will include interfacing and proactively communicating with key stakeholders from business lines, IT, Legal and other risk groups to increase awareness of vendor management responsibilities and ensure accountability for vendor performance. Resolve problems with vendors when issues are escalated by department leaders.
• Define and report on Key Performance Indicators (KPI’s) for sourcing, vendor due diligence, vendor performance, as well as vendor spend across the organization. Use the KPI’s to increase vendor performance, reduce risks and reduce costs across the vendor portfolio.
• Direct and consult with corporate leaders in identifying business and vendor needs while developing and managing strategic supplier relationships that increase performance, reduce costs and reduce risk.
• Ensures compliance with applicable federal, state and local laws and regulations. Completes all required compliance training. Maintains knowledge of and adhere to Flagstar’s internal compliance policies and procedures. Takes responsibility to keep up to date with changing regulations and policies.
Job Requirements:
• Bachelor’s degree in Business Administration or related field required.
• Certified Regulatory Vendor Program Manager preferred.
• 10+ years in program management, procurement or vendor management and/or management level experience with responsibility for development and implementation of strategies and plans in support of an organization.
• 5+ years supervisory and management experience.
• Experience using qualitative and quantitative methodologies to analyze spend, identify and implement process improvement/savings opportunities, and measure ongoing purchasing performance against plan.
• Working knowledge of business law, legal contracts and various financial issues (i.e. cash flow and working capital).
• Demonstrates the ability to apply a broad and integrated perspective when planning, problem-solving and assessing impact across functional areas.
• Possess the ability to remain biased and ensure vendor and purchasing decisions adhere to company policies and corporate objectives.
• Proven ability to develop effective relationships and work with all levels of the company including senior and executive management.
• Experience negotiating large external vendor contracts.
• Excellent leadership, communication (written and oral), presentation and interpersonal skills.
• Experience interpreting and adhering to regulatory guidelines.
• Strong analytical, facilitation and strategic planning skills.
For internal use only: Job Band C