Manager, Strategic Sourcing (Fixed Term)

fairstone; Toronto; On-site; CAD 110,000 - 150,000; Full time

Job summary

Fairstone Bank is seeking a Manager Strategic Sourcing for a 12-month assignment in Toronto. You will oversee procurement activities, manage vendor onboarding, lead RFPs, and negotiate contracts to support banking operations.

The role requires at least five years in sourcing and vendor management, ideally in a financial institution, and the ability to analyze spend and drive cost savings.

Qualifications

• University degree
• Minimum 5 years in a sourcing, contracts and vendor management role with a solid understanding of the entire vendor lifecycle.
• Experience ideally gained with a Bank or Financial Institution.
• Demonstrated experience successfully managing third parties, reviewing policies, performance, and contract management or negotiation strate

Responsibilities

• Ownership of the assigned engagement, including managing vendor onboarding & due diligence process throughout the vendor lifecycle.
• Lead end-to-end sourcing activities for assigned categories, including RFPs, vendor selection, and contract negotiations.
• Draft, review, and manage complex contracts, ensuring alignment with other areas such as legal, IT, and risk.
• Conduct spend analysis and identify cost-saving opportunities.
• Develop and implement supplier performance scorecards and vendor management processes.

Education

University degree

Job description

Who we are:

Fairstone Bank and its family of brands are united in delivering innovative, accessible and reliable financial solutions that enable Canadians to reach their goals. Over the years, our brand family has grown. In 2024, Home Trust Company, Home Bank and Oaken Financial became part of the Fairstone Bank family of brands, alongside Fairstone, EdenPark and Fig. Together, we are the leading alternative lending bank in Canada. With a diverse suite of products-residential and commercial mortgages, consumer deposits and GICs, credit cards, retail and automobile financing, personal loans and digital lending-we offer financial solutions tailored to all Canadians, including newcomers, small‑business owners, smart investors and savvy consumers.

Join Fairstone Bank as a Manager Strategic Sourcing and be part of our talented and growing team!

About the role:

The incumbent is responsible for overseeing procurement activities and the application of procurement policies, procedures, and regulatory requirements. At Fairstone, he or she is accountable for performing analyses and making strategic recommendations concerning all contracts as well as provide internal customers with recommended assistance in supplier management, will create and maintain various reports (key performance indicators, catalogue of products and services, dashboards, etc.). Please note that this is a temporary role for 12 months.

Key Responsibilities:

• Ownership of the assigned engagement, including but not limited to establishing / managing/ negotiating/leading executing contractual agreements, vendor onboarding & due diligence process throughout the vendor lifecycle.
• Lead end-to-end sourcing activities for assigned categories, including RFPs, vendor selection, and contract negotiations.
• Draft, review, and manage complex contracts, ensuring alignment with other areas such as legal, IT, and risk.
• Conduct spend analysis and identify cost‑saving opportunities.
• Conduct analyses of existing vendor base to assess capability of meeting business objectives; balancing vendor concentration risks with vendor consolidation strategies.
• Maintain supplier master data and oversee contract lifecycle management
• Recommend/Develop and implement processes and tools for different types of contracts, risk assessments, disputes, and issue resolutions.
• Provide subject matter expertise and guidance to internal stakeholders on sourcing best practices.
• Supervise management and administration for a wide variety of contracts.
• Advise on the practices and considerations for upgrading existing contracts and solving complex contract management problems.
• Support accountable executives in the vendor performance management and evaluate operational issues and considerations in contract enforcement.
• Deliver on Strategic Sourcing Strategy, increase Strategic Sourcing brand awareness.
• Leading major contract negotiations, strategic sourcing activities, cross functional projects, risk and relationship management, and savings initiatives.
• Implement sound financial planning that is aligned with the corporate plan.
• Contribute to development & continues improvement of policies, guidelines & tools.
• Spearheading best practices for sourcing of new waves of technology and initiating strategies to boost suppliers' technology innovation.
• Applying expert skills in data analytics, market research, sourcing, relationship and contract management.
• Manage vendor onboarding, due diligence, performance evaluations and relationships.
• Ensure the success and oversee the effectiveness of the vendor management program across the Bank by implementing common standards and practices.
• Design and implement supplier performance scorecards for vendor assessment in contract management, financial management, performance management, risk management and relationship management areas.
• Collaborate with business units to ensure vendor performance aligns with service level agreements and business expectations.
• Lead cross functional teams by effectively manage relationships with 1st and 2nd line business partners involved in management and oversight of service providers.
• Support development and implementation of relevant policies, standards, directives, frameworks, and requirements relating to management of third parties.
• Conduct contract reviews and due diligence activities to ensure contracts and renewals incorporate business and regulatory requirements.
• Ensure that third‑party risks are appropriately identified, assessed, managed, monitored and reported.
• Develop detailed expense models, budget forecasting and analysis.

What we're looking for:

• University degree
• Minimum 5 years in a sourcing, contracts and vendor management role with a solid understanding of the entire vendor lifecycle.
• Experience ideally gained with a Bank or Financial Institution.
• Demonstrated experience successfully managing third parties, reviewing policies, performance, and contract management or negotiation strate