Sourcing Associate

BMO; Toronto; On-site; CAD 60,000 - 100,000; Full time

Job summary

An established industry player seeks a strategic sourcing professional to lead and implement innovative sourcing strategies. This role involves managing sourcing projects, conducting supplier negotiations, and collaborating with diverse stakeholders to optimize procurement processes. You'll leverage your expertise in supply chain management and negotiation to drive cost efficiencies and minimize risks associated with supplier spend. Join a dynamic team that values innovation and strategic thinking, where your contributions will directly impact business objectives and foster long-term supplier relationships. If you're passionate about sourcing and procurement, this is the opportunity for you.

Qualifications

• 4-6 years of experience in strategic sourcing or procurement.
• In-depth knowledge of sourcing processes and risk management.
• Excellent verbal and written communication skills.

Responsibilities

• Manage and implement sourcing strategy projects throughout their lifecycle.
• Conduct analysis to inform strategic recommendations.
• Build effective relationships with internal/external stakeholders.

Skills

Strategic Sourcing

Supply Chain Management

Negotiation Skills

Business Analysis

Analytical Skills

Communication Skills

Problem Solving

Data-Driven Decision Making

Education

Post-Secondary Degree

Tools

Excel

Sourcing and Procurement Systems

Job description

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.

1. 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.
2. Manages sourcing category/supply chain initiatives end-to-end.
3. Conducts analysis to inform strategic recommendations; develops business cases to assess opportunities.
4. Supports the execution of strategic initiatives in collaboration with internal and external stakeholders.
5. Provides market assessment to identify preferred suppliers.
6. Performs initial supplier risk assessment.
7. Plans and conducts sourcing events (e.g., RFI, RFP, contract negotiation/renewal).
8. Supports the development and promotion of business/group programs.
9. Gathers industry knowledge and communicates market trends affecting the assigned spend categories proactively to internal stakeholders.
10. Works with stakeholders to develop category and/or sub-category sourcing strategies, supplier selection, due diligence, and contract negotiations while achieving targeted savings and business objectives.
11. Builds effective relationships with internal/external stakeholders, ensuring alignment and understanding of business needs and expectations.
12. Provides advice and guidance on implementing solutions concerning category and supplier strategies, including risk management related to outsourcing and supplier risk (OSR).
13. Applies disciplined methodologies and procurement policies to the procurement of goods and services.
14. Conducts analysis and develops insights and actionable recommendations aligned with project/program goals.
15. Develops solutions and makes recommendations based on an understanding of business strategy and stakeholder needs.
16. Collaborates in managing sourcing category initiatives end-to-end, analyzing industries, supply markets, cost models, spend, and supplier performance to identify opportunities.
17. Works with suppliers to create value, achieve savings, and mitigate risks.
18. Incorporates market-leading processes and practices to mitigate risk, drive innovation, and maximize value for sourcing categories and portfolios.
19. Identifies, develops, and implements demand management and cost reduction opportunities, optimizes sourcing strategies, and negotiates effective controls throughout the supplier engagement process.
20. Prepares project plans and keeps key stakeholders informed of progress.
21. Manages multiple programs/projects simultaneously, resolving conflicting priorities and objectives.
22. Designs and produces regular and ad-hoc reports and dashboards.
23. Uses performance measures to monitor and address issues.
24. Builds change management plans, leading or participating in activities including readiness assessments, planning, stakeholder management, execution, evaluation, and sustainment.
25. Maintains knowledge of leading procurement practices and promotes adoption of procurement standards.
26. Continuously upgrades knowledge on sourcing methodologies, focusing on strategic category development.
27. Effectively communicates key messages, recommendations, and results to all managerial levels.
28. Provides input into operational program planning and implementation.
29. Primarily focuses on business/group within BMO but may have broader, enterprise-wide responsibilities.
30. Exercises judgment to identify, diagnose, and solve problems within established rules.
31. Works independently on complex tasks, including unique situations.
32. Additional responsibilities may be assigned as needed.

Qualifications:

• Typically 4-6 years of relevant strategic sourcing, supply chain, or procurement experience, with a post-secondary degree or equivalent experience.
• In-depth knowledge of sourcing/procurement processes, procedures, controls, and relevant risk and regulatory requirements.
• In-depth knowledge of sourcing in Financial Services or Technology industries.
• Proficiency in business analysis, project delivery practices, and standards across the project lifecycle.
• Advanced Excel and spreadsheet analysis skills.
• Negotiation skills and ability.
• Knowledge of sourcing and procurement systems and applications.
• Experience in Financial Services, financial, or cost management.
• Understanding of business environment, processes, and procedures.
• Ability to synthesize research and draw insights.
• Technical proficiency from education and/or experience.
• Excellent verbal and written communication skills.
• Strong collaboration and team skills.
• Analytical and problem-solving skills.
• Influence skills.
• Data-driven decision-making capabilities.