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Strategic Sourcing Director
2 months ago
**Job Summary:**
We are seeking a highly skilled Strategic Sourcing Director to join our team at CFA Institute. As a key member of our procurement team, you will be responsible for developing and executing strategic sourcing plans that drive cost savings, process efficiency, and supplier performance improvement.
Key Responsibilities:
- Collaborate with senior management to define sourcing priorities and strategies.
- Develop and execute strategic sourcing plans aligned with the organization's goals and objectives.
- Collaborate with key stakeholders to understand business needs and translate them into actionable sourcing plans.
- Jointly develop category strategies with business unit leadership and assessment partner input.
- Establish category management capabilities and develop a deep understanding of the 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 business unit 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.
- 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.
Requirements:
- Bachelor's Degree or equivalent.
- 10+ years of experience in strategic sourcing, procurement, or supply chain management, preferably in the financial services industry.
- 5+ years in a management/leader role.
Preferred Qualifications:
- Bachelor's degree in business administration, finance, supply chain management, or a related field. Master's degree or MBA preferred.
- Strong understanding of financial services 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.
