Vendor Management Specialist - (Wealth Management / Risk / Policies / Contracts)

BMO

Toronto, ON, CA

4d ago

Job Family Group : Procurement

Procurement

Accountable for building and / or maintaining effective day-to-day relationships between internal business partners, suppliers and service providers, as assigned, and for oversight, ensuring service is delivered according to applicable service level agreements, in compliance with Bank policies, principles, guidelines and standards.

Accountable to manage and report on supplier and service provider operational performance. Act as a primary contact and escalation point for critical business issues related to supplier and service provider service delivery to ensure the effectiveness of SLAs, resolving issues, as required.

This role meets operational and financial objectives within a twelve-month time horizon.

KEY AREAS OF ACCOUNTABILITY

A. Product & Process

B. Business Performance Management

C. Risk & Control

D. Financial Management

A. Product & Process

Build and maintain constructive relationships with internal business partners and suppliers and service providers, as the primary Bank contact for service and contract issues.

Manage and administer supplier and service provider contracts in accordance with the Bank’s Third Party Risk Management Directive

Ensure supplier and service provider policies and procedures (P&Ps) meet Bank legal, control, audit, compliance, risk / privacy mandates and security requirements, and comply with all regulatory and Bank requirements.

Provide day-to-day oversight of supplier and service provider services, ensuring adherence to all contracted service levels.

Evaluate the overall merits of contracts on a regular basis.

In partnership with sourcing, drive contract renewal negotiations under the clear direction of the business owner of the contract.

Complete and submit annual outsourcing attestation.

Manage and facilitate internal SEMS processes

Act as the escalation point for internal business partners in the resolution of service and / or payment issues, ensuring potential problem areas, trends and recommended solutions are further escalated to the manager.

Facilitate, lead, develop and implement service solutions related to current and new business activity in collaboration with internal business partners, stakeholders, suppliers and service providers.

Lead and facilitate meetings with suppliers and service providers, as required.

Identify and recommend business improvement process efforts related to area(s) of expertise.

B. Business Performance Management

Monitor and analyze opportunities for quality improvement; recommend solutions.

Measure, monitor, manage and report on supplier and service provider service delivery performance and quality against SLAs, and evolving business needs, providing reports to the manager for the purpose of optimizing operational effectiveness.

Provide high level strategic assessment and review of supplier and service provider services to key internal stakeholders and senior management.

Participate in the design and negotiation of SLAs. Assess performance against SLAs

Support the delivery of exceptional customer service that builds trust through responsive, accurate, consistent, knowledgeable and available services and support.

Align individual performance goals to team and organizational goals.

Demonstrate behaviours that are consistent with Being BMO .

C. Risk & Control

Ensure regulatory / compliance requirements and procedures are followed.

Escalate issues that require resolution by more senior team members, as per guidelines.

Identify potential risk situations within the scope of work, make recommendations and / or escalate to the manager, where appropriate, and ensure contingency plans exist.

Monitor and review outsourcing issues for compliance with regulatory and Bank requirements to ensure key controls are followed;

escalate issues to the senior manager, as appropriate.

Provide information for regulatory reporting and audit queries.

Identify and manage potential risks inherent in area(s) of expertise and take appropriate actions to ensure operational integrity is maintained.

Validate disaster recovery and business continuity as per Bank requirements.

Prepare business continuity and disaster recovery test results for internal reporting.

Understand regulatory and compliance requirements as prescribed for the business unit, and provide recommendations and implement actions to ensure adherence, as required.

Ensure adherence to all aspects of First Principles, Our Code of Business Conduct and Ethics Corporate Policy, as well as all applicable legislation, regulatory rules and requirements, and Bank standards, policies and procedures (P&Ps) for such things as potential conflicts of interest, safeguarding of customer information, trading in securities, anti-money laundering, privacy and disclosure of outside business activities.

Ensure strict confidentiality is maintained for both customer and Bank information to protect the customer and the Bank and to ensure compliance with Bank P&Ps.

Follow security and safeguarding procedures and apply appropriate due diligence in accordance with Bank policy for the prevention of loss due to such things as fraud, robbery, counterfeiting, money laundering or defalcation.

Manage risk and minimize losses through monitoring and controlling various reports and taking appropriate action, ensuring compliance requirements, audits and verifications are completed in accordance with Bank P&Ps.

D. Financial Management

Assess the impact or potential impact of change initiatives on internal business partner financials.

May oversee supplier and service provider invoice / billing to ensure procedures are followed, monitor cost expectations, participate in review of costs, identify and resolve discrepancies, act as the primary contact to resolve billing and payment issues, and ensure timely payment by the Bank.

E. Change Management

Identify change opportunities; support the implementation of and / or implement changes required to standardize processes and to achieve consistency.

Lead projects / task forces, in support of major PO / line of business (LOB) / enterprise-wide initiatives.

Foster an environment of continuous improvement and identify process improvements / new ideas and adopt best practices.

Provide support and assistance to the change management process.

AUTHORITIES

This role has the authority to :

Facilitate agreement on contractual changes with supplier and service providers within authority level.

Troubleshoot and resolve billing and payment issues and ensure audit trails are maintained.

Manage and resolve complex issues to ensure effective customer service in accordance with SLAs, and ensure compliance with rules, regulations and requirements.

Access confidential customer and line of business financial information.

CROSS-FUNCTIONAL RELATIONSHIPS

Internal :

Internal business partners (Audit, Outsourcing Centre of Competency, Risk Management, Corporate Compliance, Legal, IT, operational areas) to consult / advise / service in the delivery of key accountabilities

External :

Suppliers and service providers

Industry contacts and consultants

SCOPE AND IMPACT

This job has direct or indirect impact on the following :

Contributes to the business unit’s goal attainment by supporting its initiatives through timely and efficient completion of assignments and contributing ideas for improvement in financial performance, customer satisfaction, processes and climate.

Bank financial performance by responding on a timely basis to changing operating conditions to mitigate financial penalties and costs;

also ensures an appropriate balance between customer service and costs to minimize loss of revenue or customer dissatisfaction.

Mitigation of reputational risk and financial loss against such things as fraud, defalcation and / or financial penalties by ensuring compliance with Bank P&Ps and regulatory requirements.

Mitigation of costs / impacts associated with human errors by supporting the proper coaching and training of others.

a) Knowledge :

University degree / college diploma or equivalent work experience

Business analysis / project management experience

6 to 8 years of related customer service experience

Wealth Management experience a must

Knowledge of vendor landscape within Wealth

Strong negotiator

Solid knowledge of standard desktop applications used by the business unit (MS Office)

Advanced knowledge and understanding of the business unit’s key products, services, processes and controls

Solid understanding of the business unit’s risk and regulatory requirements

Solid knowledge of departmental systems and applications

Advanced knowledge of area(s) of expertise, including knowledge of all regulatory and Bank policies related to supplier and service provider services

Solid knowledge of industry, Wealth Management and banking operations

Solid understanding of technology and services provided by suppliers and service providers

Solid understanding of Global Third Party Risk Management policies

b) Skills :

Solid analytical skills, with ability to resolve operating / technical issues within defined field of expertise

Advanced problem-solving skills, with ability to apply analytical, constructive and interpretative thinking to an often unstructured environment

Strong decision-making skills

Advanced time management and prioritization skills

Strong negotiation skills and influence management skills

Strong networking and interpersonal skills, with ability to interact effectively with all areas of the organization and external contacts / customers

Strong customer service and relationship management skills

Strong facilitation skills

Strong written and oral communication skills

Strong attention to detail

Ability to multi-task in a fast-paced, dynamic environment

We’re here to help

At BMO we are driven by a shared Purpose : Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people.

By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.

As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one for yourself and our customers.

We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs.

From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.

BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives.

Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

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