Vendor Management Specialist - Outsourcing - Banking

Job Description

Vendor Management Specialist - Outsourcing - Banking

Excellent opportunity opens for a Senior Outsourcing & Vendor Officer with strong Contract Management to join an International Bank's London office. This role will manage the onboarding & offboarding of Vendors/Suppliers and maintain relationships with them.

Key Responsibilities & Accountabilities

Vendor/Supplier Relations:

1. Support in overseeing and managing external vendor/supplier relationships to ensure effective collaboration and communication.
2. Facilitate the onboarding and offboarding processes for vendors and suppliers, ensuring smooth transitions and adherence to policies.
3. Conduct thorough due diligence and risk assessments for all vendors and suppliers to ensure compliance with enterprise-wide standards.
4. Implement and monitor ongoing vendor risk management practices to mitigate potential risks associated with outsourcing.
5. Support in drafting, negotiating, and managing contracts with vendors and suppliers, ensuring favourable terms and compliance with regulatory standards.
6. Track and oversee renewal and expiry dates of all contractual agreements, ensuring timely renewals and adherence to contractual obligations.

Performance Monitoring and Reporting:

1. Coordinate, track, measure, and report vendor/supplier performance against contractual obligations and costs.
2. Analyse data to identify trends, track performance, and make informed decisions to optimise vendor relationships.
3. Identify commercial sourcing opportunities and support the tendering process to ensure quality of service and value for money.
4. Continuously review and assess the best routes to market to meet business needs and drive cost efficiencies.
5. Ensure compliance with relevant regulations and standards governing outsourcing and vendor management in the financial sector.
6. Stay updated on regulatory changes and implement necessary adjustments to vendor management practices.
7. Utilize analytical expertise to identify savings opportunities and deliver measurable cost savings.

Strategic Alignment and Problem Solving:

1. Align vendor management strategies with the bank’s overall business goals and objectives, ensuring strategic coherence.
2. Collaborate with internal stakeholders to integrate vendor management practices into broader organizational strategies.
3. Address and resolve issues that arise in vendor relationships, ensuring smooth operations and minimal disruptions.
4. Implement proactive measures to prevent potential issues and enhance vendor performance.

Project Management:

1. Support projects related to vendor onboarding, offboarding, and performance monitoring, ensuring timely and efficient execution.
2. Apply project management methodologies to streamline processes and improve overall efficiency.

Business Continuity:

1. Assist in developing and maintaining a corporate-wide Business Continuity Plan (BCP) program, policies, and framework documents.
2. Support the line manager in aligning BCP planning, initiatives, and goals with bank’s goals and infrastructure capabilities.

Interested? Apply in Vendor Management Outsourcing Providers Suppliers Relationships Contract Management