Strategic Sourcing Director

3 weeks ago

Los Angeles, California, United States City National Bank Full time
Job Summary

City National Bank is seeking a highly skilled Strategic Sourcing Director to lead our procurement efforts and drive cost savings, process efficiency, and supplier performance improvement. As a key member of our team, you will be responsible for developing and executing sourcing strategies that align with our business objectives and regulatory requirements.

Key Responsibilities
  • 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 develop category strategies with BU/Corporate leadership and assessment partner input
  • 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
  • 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 in business administration, finance, supply chain management, or a related field
  • 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
  • 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.

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