Procurement Specialist
Onico Solutions
Toronto, ON, Canada
3d ago

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.

Position Responsibilities

  • 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
  • Compliance

  • 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.
  • Formal Education

  • Post secondary degree or diploma required (University degree preferred) in Technology, Business or equivalent
  • Related Experience

  • 1 year in a procurement role in a financial institution or IT department
  • Understanding of procurement or contract law
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