BMO Financial Group Sr. Strategic Procurement Manager (Wealth Management) in Chicago, Illinois
Works with stakeholders to develop and implement innovative sourcing and demand management strategies to achieve business and cost management objectives and minimize risk associated with BMO’s supplier spend.
Provides strategic input into business decisions as a trusted advisor.
Makes recommendations to senior leaders on strategy and new initiatives, based on an in-depth understanding of the business/group.
Assists in the development of strategic plans. Identifies emerging issues and trends to inform decision-making.
Acts as a subject matter expert on relevant regulations and policies.
Influences and negotiates to achieve business objectives.
Manages and implements sourcing strategy projects throughout their lifecycle, leveraging appropriate systems and tools to ensure accurate and up to date reporting on project progress and issues. Includes competitive events and conducting supplier contract negotiations.
Manages sourcing category/supply chain initiatives end-to-end.
Networks with industry contacts to gain competitive insights and best practices.
Develops Category Management Framework and Sourcing Strategy.
Directs the development of sourcing strategies/ recommendations.
Drives end to end execution of sourcing category initiatives.
Recommends business priorities, advises on resource requirements and develops roadmap for strategic execution.
Conducts analysis to inform strategic recommendations; develops business cases to assess opportunities.
Develops the business case by identifying needs, analysing potential options and assessing expected return on investment.
Manages resources and leads the execution of strategic initiatives to deliver on business and financial goals.
Acts as the prime subject matter expert for internal/external stakeholders.
Defines business requirements for analytics & reporting to ensure data insights inform business decision making.
Breaks down strategic problems, and analyses data and information to provide insights and recommendations.
Prepares and presents reports to business/group on key metrics and supplier risks to support better management of costs, risks, as well as provide input in business/group planning for future.
Leads change management programs of varying scope and type, including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives.
Leads the execution of operational programs; assesses and adapts as needed to ensure quality of execution.
Develops strategies and approaches to manage risk and support the business strategy and goals.
Directs supplier contract negotiations. Creates, modifies, renews, terminates contracts as required.
Identifies current and emerging procurement and sourcing trends/best practices and makes recommendations on their potential application for the Bank.
Leads the execution of the sourcing strategy including the development and management of the project throughout its lifecycle.
Plans and conduct sourcing events (e.g. RFI, RFP, contract negotiation/renewal, etc.)
Provides market assessment to identify preferred suppliers.
Evaluates and selects Supplier. Performs Initial Supplier Risk Assessment
Drives process improvement and innovation opportunities in sourcing and/or procurement of goods and services through knowledge of market trends and best practices.
May provide input into the development of guidelines, policies and standards for the sourcing and/or procuring of goods and services.
Identifies business needs, designs/develops tools and training programs; may include delivery of training to audiences.
Reviews the program for effectiveness, considers industry trends and recommends enhancements; makes changes as required.
Works with stakeholders to develop category and/or sub-category sourcing strategies/opportunities, supplier selection, due diligence and contract negotiations while achieving targeted savings and business objectives.
Builds effective relationships with internal/external stakeholders and ensures alignment between stakeholders. Includes developing an understanding of business partner needs and expectations.
Provides advice and guidance to assigned business/group on implementation of solutions concerning category and supplier strategies, including the end-to-end risk management requirements associated with Outsourcing and Supplier Risk (OSR).
Applies a disciplined methodology and procurement policies to the procurement of goods and services.
Conducts analysis and develops insights and recommendations that are actionable in alignment with project/program goals.
Develops solutions and makes recommendations based on an understanding of the business strategy and stakeholder needs.
Collaborates in the management of sourcing category initiatives end-to-end. Identifies areas of opportunity through analyses of industries and supply markets, cost models for products and services, supplier category spend, and the performance of key suppliers in the market.
Work with suppliers to create value/savings and mitigate risk.
Incorporates market leading process and practices, to mitigate risk, to drive innovation and to maximize overall value for assigned sourcing categories and portfolios.
Identifies, develops and implements demand management and cost reduction opportunities, optimizes sourcing strategies, identifies and mitigates supplier risk and negotiates effective controls all through the supplier engagement process.
Prepares project plans and keep key stakeholders informed of the process and progress.
Manage multiple programs/projects simultaneously and resolve conflicting priorities and objectives.
Uses performance measures to monitor and track performance, and address any issues.
Builds change management plans of varying scope and type; leads or participates in a variety of change management activities including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives.
Maintains knowledge of leading procurement practices and promote adoption of procurement standards.
Continuously upgrade knowledge on event and sourcing methodologies with a specific focus on strategic category development.
Effectively communicate key messages/recommendations/results to all managerial levels.
Provides input into the planning and implementation of operational programs.
Operates at a group/enterprise-wide level and serves as a specialist resource to senior leaders and stakeholders.
Applies expertise and thinks creatively to address unique or ambiguous situations and to find solutions to problems that can be complex and non-routine.
Implements changes in response to shifting trends.
Broader work or accountabilities may be assigned as needed. Qualifications:
Typically 7+ years of relevant strategic sourcing, supply chain and/or procurement work experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
Expertise in all areas of sourcing.
Knowledge of sourcing/procurement processes, procedures and controls - In-depth/Expert.
Knowledge of relevant risk and regulatory requirements - In-depth/Expert.
Knowledge of Sourcing in Financial Services or Technology industries - In-depth/Expert.
Knowledge of business analysis, project delivery practices and standards across the project lifecycle - In-depth.
Excel and spreadsheet analysis – In-depth.
Negotiation knowledge, skill and ability – In-depth/Expert.
Knowledge of sourcing and procurement systems and applications.
Strong Financial Services, Financial or Cost Management experience.
Knowledge of the group/business environment and processes and procedures.
Experience in compiling, synthesizing and drawing insights from a variety of research sources.
Demonstrated ability to assess risks including identifying, quantifying and prioritizing risks.
Seasoned professional with a combination of education, experience and industry knowledge.
Verbal & written communication skills - In-depth / Expert.
Analytical and problem solving skills - In-depth / Expert.
Influence skills - In-depth / Expert.
Collaboration & team skills; with a focus on cross-group collaboration - In-depth / Expert.
Able to manage ambiguity.
Data driven decision making - In-depth / Expert.
We’re here to help
At BMO Harris Bank 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 Harris Bank 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.
To find out more visit us at https://jobs.bmoharris.com
BMO Harris Bank 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. BMO Harris Bank N.A. is an equal opportunity/affirmative action employer. All qualified applicants will receive consideration for employment without regard to sex, gender identity, sexual orientation, race, color, religion, national origin, disability, protected Veteran status, age, or any other characteristic protected by law. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.
Note to Recruiters: BMO Harris Bank does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO Harris Bank, directly or indirectly, will be considered BMO Harris Bank property. BMO Harris Bank will not pay a fee for any placement resulting from the receipt of an unsolicited resume. A recruiting agency must first have a valid, written and fully executed agency agreement contract for service to submit resumes.