The Procurement Specialist assists in the management of policies, practices, and processes for the due diligence, selection, negotiation purchasing and ongoing governance of our client’s strategic vendors.
As member of the Vendor and Contract Management team, the Procurement Specialist helps to oversee the process of systematically and efficiently managing vendor engagements, contract execution requirements, analysis and overall governance for the purpose of maximizing financial and operational performance and minimizing risk.
Help define appropriate contracting strategies
Solidify contract communications
Increase financial savings
Improve vendor relations
Contracts and Vendor Management
Assists in the establishment of the Contracts and Vendor Management processes for Vendor engagements
Accountable for invoice due diligence ensuring compliance to Master agreements
Management of the external labor intake process ensuring a fair and ethical process
Ensures contracts align with governance, legal and regulatory requirements
Conducts analyses of existing vendor networks to assess their capability of meeting business objectives;
Recommends new vendors in terms of capacity.
Ensures awareness to Management of claims or complaints occurring under the performance of contracts.
Accountable for the upkeep of contract documentation
Provides reporting as required (vendors, spend, contracts, etc.)
Reviews contracts as required
Leverages / acquires tools for contracts management
Develops standard processes to maximize contracts efficiency and effectiveness
Ensures proper sign-off of all contracts
Communication / Relationship Management
Support the Enterprise Procurement and Vendor Management team as needed
Supports the Business as needed
May handle communication for both external and internal audiences at all levels
Accountable for assisting in vendor governance including vendor monitoring, issue resolution, and scheduled governance meetings with key stakeholders.
Performance Management & Development
Ensures legal, financial and IT requirements are met to mitigate risk
Ensures contracted services are delivered on time, quality and budget
Ensures contracts meet policy requirements
Ensures contract currency, completeness and accuracy
Ensures invoices are accurate and processed on time
Meets performance goals and stretch targets which are measured annually
Contributes to development of / complies with policies & procedures related to contracts and vendor management.
Works with other internal staff experts to maximize the standardization and efficiency of new policies & procedures.
Implements sound financial planning that is aligned with the corporate plan.
Post secondary degree or diploma required (University degree preferred) in Technology, Business or equivalent
1 year in a procurement role in a financial institution or IT department
Understanding of procurement or contract law