Job Description: Corporate Title: Vice President Location: London Line of Business: Chief Administration Office
Here in our London office we are looking for a talented Procurement Manager to join our team; supporting Partner relationships. These will include Cash and Securities services, Financial Market Utilities, Brokers, Trading Execution and Exchanges. You will provide end-to-end management of procurement, related risk management activities and Category level strategies for these services within the EMEA Global Procurement Team.
As an experienced Procurement Manager with expertise in Partner relationships, you will lead the sourcing of deals where the Bank has relationships deemed as Partner.
You will be responsible for negotiating complex deals from inception to completion. This includes performing research to obtain market knowledge, using experience and data to develop and execute intricate procurement strategies, and assigning roles and responsibilities to BAC team members.
Viewed as a trusted advisor by the Front Line Unit (FLU)/Control Function (CF), you are expected to be knowledgeable about the market place to improve the competitive landscape so that we achieve significant cost savings. By using current and future business requirements, market intelligence, and historical spend information, you will develop creative category strategies that drive a simplified supply base, business value and cost reduction.
Aside from procuring goods and services, you shall have a deep understanding of the end-to-end third party risk management lifecycle and ensures the FLU/CF is prepared to handle the risk of contracted goods and services. This will entail supporting FLU/CF personnel in effectively implementing the Third Party Policy, including FLU's/CF's effective use of third parties. You may also be responsible for supporting FLU/CF throughout the third party lifecycle, including third party governance activities and other program requirements.
What will your main responsibilities involve?
Negotiating contracts in accordance with standard methodologies, assisting the business owner in building a SOW/SLA, providing transparency and addressing all LOB requirements, and facilitating the collection of additional data from vendor managers as required to support business needs
Using persuasion to build group consensus and resolve challenging situations
Exercising good legal discernment in settling terms and conditions that are in our best interest, assessing total impact of the contemplated agreement on the corporation
Leading a team in the development of complex proposal documents and is proficient in the objective analysis of proposal responses, the identification on non-conforming items and the interview of potential service providers
Structuring all elements of an RFP (technical, contractual, schedule and cost) in order to ensure that uniformed bids are received
Defining and influencing the category strategy to achieve business results
Minimising risk, attaining the best value (cost saves) and providing complete solutions
Identifying and raising risks and issues to the appropriate governance routines
Analysing and interpreting FLU/CF's level of adherence within program scorecards to identify potential themes and issues
Quickly adapting to changes within the Procurement Program; communicating and reinforcing program changes with the FLU/CF through effective change management routines and processes
Balancing being an advocate for the Procurement Program and representing legitimate concerns from the FLU/CF
Partnering routinely with risk partners (Legal, Compliance, Ops, Info Sec, etc.) in negotiating deals and in handling outsourcing risk
Assisting FLU/CFs in providing documentation/evidence when responding to audit and/or regulatory inquiries
Consistently provide an elite service by establishing and clearly communicating mutual expectations, developing an understanding of FLU/CF needs and demonstrating competency and consistency in meeting dedications
Build broad-based business relationships and partnerships across the organization, skillfully influences peers and colleagues to promote and sell ideas, and dedicatedly surfaces and resolves conflict with minimal noise
What skills and qualifications will you ideally possess?
Significant experience sourcing for Cash and Security Partners, Financial Market Utility categories, Trading Execution and Support Services etc.
Legal experience is helpful
Previous experience, ideally within the Financial Services Industry
Have experience handling outsourcing and/or third party risk
Working knowledge of local law and outsourcing laws, rules, and regulations
Excellent contract negotiation skillset
Sound commercial awareness and good analytical and research skills
Comfortable with Sourcing systems (ideally Ariba) spreadsheets, presentations and project management
Excellent communicator at all levels
Able to build and maintain relationships with business partners across various teams
Dedicated, conscientious and high level of attention to detail
Demonstrable ability to communicate, partner, and influence across a matrix organisation, influence and handle challenging Partners, where there is reduced commercial use
Have the organisational skills to monitor work and keep it on track to meet or exceed dedications and consistently provides updates to the concerned parties
You will have good time management skills, be able to work independently, juggle concurrent projects, set goals, and prioritise focus
Has the ability to accurately interpret complex terminology used in constructing contractual documents
Self-starter, with capability of working autonomously across multiple procurement projects
About Bank of America Merrill Lynch Bank of America is one of the world's leading financial institutions, serving individual consumers, small- and middle-market businesses, large corporations and governments with a full range of financial and risk management products and services. Bank of America Merrill Lynch is the marketing name for the global banking and markets businesses. The company has had a presence in EMEA since 1922. With offices in 23 countries on three continents, it offers an integrated and comprehensive set of products and services across Global Corporate and Investment Banking, Global Markets and Consumer Card, serving the needs of individual, corporate, institutional and government clients, combining the best of local knowledge and global expertise. Developing solutions for social and environmental challenges is at the core of Bank of America Merrill Lynch's responsibility platform. In more than 90 countries around the world, we partner with employees, clients and stakeholders to help make financial lives better.
Apply If you're interested in this opportunity please send your details to us by applying online. Good conduct and sound judgment is crucial to our long term success. It's important that all employees in the organisation understand the expected standards of conduct and how we manage conduct risk. Individual accountability and an ownership mindset are the cornerstones of our Code of Conduct and are at the heart of managing risk well. We are an equal opportunities employer, and ensure that no applicant is subject to less favourable treatment on the grounds of gender, gender identity, marital status, race, colour, nationality, ethnic or national origins, age, sexual orientation, socio-economic background, responsibilities for dependants, physical or mental disability. The Bank selects candidates for interview based on their skills, qualifications and experience. As part of our standard hiring process to manage risk, please note background screening checks will be conducted on all hires before commencing employment.