What are the responsibilities and job description for the Sourcing Analyst position at State Employees' Credit Union?
If you are motivated and believe in the credit union philosophy of "People Helping People," join our team!
Job Summary :
The Sourcing Analyst is responsible for identifying and supporting sourcing opportunities across multiple fields to maximize leverage, reduce expense, establish common standards, and implement effective contracts that define the scope and terms of the required goods and services. Includes responsibility for contract reviews, negotiation, and sourcing processes, to ensure benefits and expected outcomes of the services are realized, with a focus on optimizing costs. The Sourcing Analyst will work with the Sourcing Managers, vendors, and internal departments and stakeholders to identify opportunities and execute processes to improve efficiencies within the Credit Union.
Duties & Responsibilities :
Works with business, internal stakeholders and vendor on contract renewals, termination letters and assist Sourcing Managers as needed with reviews of new and existing Credit Union contracts, agreements and statements of work to achieve optimal terms and pricing as well as mitigate overall risk and ambiguity.
Work with internal teams to understand overall requirements and assumptions related to new engagements to ensure the contractual obligations align.
Ability to interpret contractual language, perform risk mitigation and communicate with internal stakeholders, project and operational support teams
Ensures all agreements are reviewed and approved by Legal.
Provide peer review as needed for agreements include appropriate warranty periods and performance guarantees. Ensures that SLAs are well documented and can be accurately tracked.
Participate in review of contractual obligations with internal teams and vendors to ensure responsibilities are known, documented and agreed to by both parties.
Ensures documents and agreements are filed accordingly and ensures stakeholders understand scope, risks, termination clauses and performance guarantees.
Assist with RFP engagements, understanding project requirements, evaluating potential bidders, and creating the RFP package for submission, reviewing vendor submittals, and taking proactive steps in the negotiation process to mitigate risk and guarantee performance by the vendors.
Assist with various reporting : spend, cost avoidance / savings and purchase orders.
Ensure maintenance of contract term dates, renewal clauses, termination details and non-disclosure agreement dates, issues and escalations with status and resolution dates.
Leverage interpersonal relationship strengths to manage disputes and drive change in vendor behaviors
Aide in the proactive review all contracts well ahead of renewal timelines to engage in timely renewals and to leverage opportunities for negotiations, while engaging appropriate stakeholders to result in maximum benefit for the entire contract portfolio.
Aide legal in all redline interaction with vendor contract negotiations and prioritization of contract review based on business units’ timelines.
Coordinate regular meetings with internal teams as needed for contract redlines, contract prioritization, vendor issues / discussions and business units as needed.
Serve as a central point of contact for internal stakeholders and business units for all vendor engagements and coordinate with legal, risk, vendor management, security, IT and other internal workstreams for vendor onboarding and purchase of new products and services.
Works effectively with cross-functional senior management teams to find opportunities for improved vendor / contract management and drives continuous process improvement.
Requirements :
Knowledge of contract management best practices
Excellent communications skills
Independent achiever and self-starter with commitment to superior quality and accuracy
Experience in Word, Excel and Power Point
Ability to adapt to a changing environment
Education
Bachelor’s Degree and 5 years sourcing experience
High School Diploma or GED and 7 years sourcing experience, preferably within the Financial Industry
SECU provides equal employment opportunity to all qualified persons regardless of race, color, religion, age, sex, sexual orientation, gender identity, national origin, genetic information, disability, veteran status, or other classification protected by law.
