Director Strategic Sourcing

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Job description

DIRECTOR STRATEGIC SOURCING WHAT IS THE OPPORTUNITY? Responsible for managing and optimizing the procurement and sourcing strategies to support the institution's operations and strategic objectives
In addition to, will be responsible for overseeing the procurement process for various goods and services, ensuring cost-effectiveness, quality, and compliance with regulatory requirements
Additionally, this colleague will collaborate with internal stakeholders to identify sourcing opportunities, negotiate contracts, and foster relationships with vendors and suppliers
What you will do Collaborate with senior management to define sourcing priorities and strategies
Develop and execute strategic sourcing plans aligned with the bank's goals and objectives
Collaborate with key stakeholders to understand business needs and translate them into actionable sourcing plans
Jointly developing category strategies with BU / Corporate leadership and Assessment partner input Establish category management capabilities and develop a deep understanding of the CNB vendor landscape
Analyze market trends and industry dynamics to identify sourcing opportunities and risks
Streamline procurement processes and procedures to improve efficiency and reduce costs
Implement best practices and tools for sourcing, contract management, and supplier performance evaluation
Ensure compliance with regulatory requirements and internal policies throughout the procurement lifecycle
Lead complex high-dollar / vendor risk negotiations and support Sourcing Managers in negotiations while monitoring / delivering on savings targets for annual cost reduction improvements Evaluate vendor capabilities, performance, and financial stability to ensure a reliable and competitive supply chain
Negotiate contracts, pricing, and terms with vendors to achieve optimal value while minimizing risk
Establish and maintain strong relationships with key suppliers to drive innovation and continuous improvement
Collaborate with internal stakeholders, including finance, legal, operations, and business units, to understand their sourcing needs and ensure alignment with enterprise initiatives
Serve as the focal escalation point for Procurement, TPRM leaders and BU leaders to raise issues that cannot be resolved within the function Foster a culture of collaboration and communication to drive alignment and maximize value across the organization
Provide strategic guidance and RFP support to business units in the selection and management of suppliers
Serve as a subject matter expert and trusted advisor on sourcing-related matters to internal stakeholders
Responsible for the ownership, management, steady improvement, and consistent adoption/usage of procurement practices across the enterprise
Specific areas of ownership will include areas such as policy ownership (including standards and procedures), process ownership, and compliance/governance
Identify and mitigate sourcing-related risks, including supply chain disruptions, vendor failures, and regulatory compliance issues
Monitor and report on key performance indicators (KPIs) related to sourcing efficiency, cost savings, and supplier performance
Build and develop a high performing team by providing coaching, mentoring, and professional development opportunities
Foster a culture of continuous learning, knowledge sharing, and innovation
Recruit and retain top talent to support the organization's strategic sourcing objectives
Must-Have Bachelor's Degree or equivalent 10+ years of experience in strategic sourcing, procurement, or supply chain management, preferably in the banking or financial services industry
5+ years in a management/leader role Skills and Knowledge Bachelor's degree in business administration, finance, supply chain management, or a related field
Master's degree or MBA preferred
Strong understanding of banking operations, regulatory requirements, and industry best practices
Proven track record of developing and executing sourcing strategies that drive cost savings, process efficiency, and supplier performance improvement
Strong interpersonal skills and ability to work collaboratively with multiple business owners and key stakeholders
Excellent negotiation, contract management, and vendor relationship management skills
Strong analytical and problem-solving abilities, with proficiency in data analysis and financial modeling
Excellent communication and interpersonal skills, with the ability to influence and collaborate effectively across functions and levels of the organization
Certification in procurement (e.g., CSCP, CPSM) or supply chain management (e.g., CSCMP) is a plus
Proven ability to lead in a matrix organization, fostering a collaborative and inclusive culture that motivates teams to excel and achieve shared goals
Clear and concise communication, both written and verbal, with the ability to convey complex information in a compelling and understandable manner
Compensation Starting base salary: $157,943 - $293,299 per year
Exact compensation may vary based on skills, experience, and location
This job is eligible for bonus and/or commissions
To be considered for this position you must meet at least these basic qualifications The preceding job description has been designed to indicate the general nature and level of work performed by employees within this classification
It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job
Benefits and Perks At City National, we strive to be the best at whatever we do, including the benefits and perks we offer our colleagues
Get an inside look at our Benefits and Perks
INCLUSION AND EQUAL OPPORTUNITY EMPLOYMENT City National Bank is an equal opportunity employer committed to diversity and inclusion
All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or any other basis protected by law.' ABOUT CITY NATIONAL We start with a basic premise: Business is personal
Since day one we've always gone further than the competition to help our clients, colleagues and community flourish
City National Bank was founded in 1954 by entrepreneurs for entrepreneurs and that legacy of integrity, community and unparalleled client relationships continues to drive phenomenal growth today
City National is a subsidiary of Royal Bank of Canada, one of North America's leading diversified financial services companies

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