Location Address: Toronto, WFH
Contract Duration: Initial 3-month contract. Possibility of extension up an additional 9 months
Responsible for Sourcing Third Party Goods and Services for the bank globally.
Story Behind the Need
The bank is making substantial improvements to its loyalty/rewards program. It is undergoing a head-to-toe redesign of the program. As a result, the various services by third party suppliers that combine to deliver this program are being renegotiated with existing suppliers and in a few cases, with new suppliers. New contracts and service arrangements need to be negotiated that reflect the world class program that the bank is creating. Some legacy services need to be extended and maintained with existing incumbent suppliers until after the program’s relaunch.
This project entails negotiating contracts with various suppliers for a variety of services in this order of priority:
1. An incumbent service provider who will run the new loyalty program’s operations, effectively as a managed service provider. The bank has already negotiated and contracted for the development and implementation of services with this provider. Your task will be to create the contract for day-to-day steady-state operations of the program with this provider. This includes operational services, service level agreements, and ongoing development work ad-hoc arrangements.
2. Negotiate with the new service provider for ongoing loyalty program reporting capabilities.
3. Renegotiate the existing contract with a number of existing service providers who support the legacy loyalty program until and shortly after launch and negotiate the necessary transition services
This project along with others is a massive internal strategy for the bank with very high visibility and aggressive deadlines.
Candidate Value Proposition
This position opens the opportunity for potential permanent roles. Procurement is a growing function in the bank and is a source of competitive advantage to a company. Our strategy is to make our supplier relationships more robust while employing a great team dynamic and culture.
Typical Day in Role
• Experience with strategic sourcing, run a project, facilitate requirements gathering and turning these into contractual Statement of Work particulars
• Be able to source externally, capabilities and contract competitive bidding packages, familiar with contracts, clauses, negotiations, be able to execute with good results. However note that virtually all of our suppliers have already been chosen and/or are incumbent suppliers. These are fundamentally directed negotiations and contracting
• Scope may alter as the project changes, however sourcing skills from understanding internal needs and external supplier capabilities applies to all projects.
• Negotiate the terms of conditions through finalizing a contract. You’re not expected to be a lawyer (you’ll have access to them as subject matter experts) but you are expected to be able to do the majority of writing of the contracts and terms on your own.
• Ability to bridge communications between Sourcing, IT, business and legal stakeholders and partners with a focus on developing an understanding of how to structure contract strategy and contract to deliver against bank’s current and anticipated future needs
• Ability to comprehend complex technical and financial issues and use them to inform the creation of effective action plans, supplier strategies and contractual terms
• Be able to develop SLA’s and KPI’s based on service requirements. Facilitate this with a business team that understands qualitatively what they want but turn this into a quantitative set of SLA service levels and KPI’s. Negotiate these with the suppliers establishing appropriate penalties/incentives for failure to meet.
• Ability to conduct enhanced benchmarking without a using competitive bidding process (recall the suppliers have already been chosen.
• Coach the stakeholders to specify their business requirements (so you can put it into a contract)
Candidate Requirements/Must Have Skills:
1) 5-10 years of Progressive Sourcing Experience in a Canadian business environment.
2) Basic knowledge of Canadian contract law and working in a highly regulated industry (such as banking)
3) 3-4 years’ Experience with customized software and application sourcing with a background in IT, maintenance support, finalizing contracts, including delivery services and integrations. (You may wonder why the need for software sourcing experience given the services we have described above: Because this service has required the development and customization of software by the service provider(s). So although most of the development work has been contracted and is underway, the same kinds of skills required to negotiate with software providers for development, maintenance and support are exactly what you will need for this initiative. Nowadays, almost every service that the bank sources has software as some component in the delivery of the service)
4) Excellent experience with Stakeholder Management- comfortable in speaking with senior leaders
5) Excellent spoken and written English.
• Familiar with Loyalty and Rewards programs.
Soft Skills Required:
• Strong business acumen & strategic thinking
• Ability to facilitate groups to a consensus decision
• Persuasion skills to drive groups to consensus and negotiate well with suppliers
• Communication Skills – succinct, spoken and written communication
Degrees: Bachelor’s degree