Third Party Procurement Senior Analyst

Fifth Third; Cincinnati (OH); On-site; USD 75,000 - 110,000; Full time

Job summary

Fifth Third Bank in Cincinnati, Ohio is seeking a Senior Analyst to manage vendor vetting, onboarding, and contract negotiations across third-party services. You will coordinate governance, respond to risk reviews, and align sourcing plans with business timelines to ensure a smooth procurement process.

The role emphasizes collaboration with Legal, Finance, and business lines, driving cost-conscious strategies while maintaining strong stakeholder relationships and a focus on risk controls.

Qualifications

• Bachelor's degree or equivalent with 3-4 years Sourcing experience.
• Foundational knowledge of sourcing and vendor management processes.
• Strong multitasking and deadline-oriented.
• Willingness to learn new tools and adapt to changes.
• Excellent written and verbal communication.

Responsibilities

• Serve as liaison with vendors during onboarding.
• Coordinate governance and procurement processes for projects.
• Translate business needs into sourcing strategies with timelines.
• Lead due diligence with Vendor Risk Management.
• Negotiate agreements and review redlines with Legal.
• Monitor contracts and report savings in ESI/NorthStar.
• Prepare status reports and presentations for stakeholders.
• Maintain procurement records and assist with spend analytics.

Skills

Sourcing

Vendor Management

Negotiation

Stakeholder Communication

MS Office Suite

Education

Bachelor's Degree

Tools

Microsoft Project

Microsoft Visio

Excel

PowerPoint

Job description

Make banking a Fifth Third better. We connect great people to great opportunities. Discover a career in banking at Fifth Third Bank.

General Function

Participates in the acquisition, structuring, due diligence, and negotiation of third party contracts for goods and services for the Bancorp. Responsible for keeping the project running smoothly through the coordination of activities, resources, equipment and information from project initiation through completion. Responsible and accountable for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures as defined. Accountable for always doing the right thing for customers and colleagues, and ensures that actions and behaviors drive a positive customer experience. While operating within the Bank’s risk appetite, achieves results.

Essential Duties and Responsibilities

• Serve as the single point of contact for the new vendor vetting and onboarding process by performing the following activities.
• Ensure that the LOB has an understanding of the governance processes required for their project at the onset by assisting with the triage form, the PIP, the Inherent Risk Questionnaire and any other project kick off forms required to move forward.
• Working with the associated Sourcing strategists to translate the business need into a sourcing strategy that meets the timelines and requirements of the business.
• Facilitate the vendor due diligence process in conjunction with the Vendor Risk Management team to ensure timelgy completion of VDDR responses from the vendor, LOB, and risk experts.
• Ensure that the appropriate ancillary contract clauses needed based on scope of the vendor services are included in the agreements.
• Coordinate redline review with Legal, the LOB, and the vendor and understand points of leverage to assist in negotiations.
• Work with the LOB and appropriate finance partner to ensure that funds are budgeted, including leading the appropriations request process where require.
• Ensure that all stakeholders have a clear understanding of what is expected of them through the onboarding process, including providing pipeline reporting stakeholders to ensure they are prepared for requests in advance of when they are made.
• Serve as liaison between vendors and the business line to identify products and services to support operational efficiency.
• Negotiate and execute contracts valued at $50k or less.
• Execution of "Contract SharePoint Process".
• Collect clauses as derived by the IRQ process, generate Master Agreement and provide template to applicable Sr. Strategist or Strategist for execution.
• Monitor expiring contracts and provide to applicable Sr. Strategist or Strategist for execution six (6) months prior to the notification date.
• Responsible for providing Vendor Managers with applicable feedback regarding Vendor termination.
• Participate in weekly vendor management meeting and disseminate information as appropriate.
• Prepares status reports and presentations to keep all levels of management and internal partners abreast of key milestones, alternatives, and potential risks.
• Administrative creation/tracking/follow-up/completion of RFX {Request for Information (RFI), Request for Proposal (RFP), Request for Quote (RFQ), and Request for Bid (RFP)}.
• Extract and report category spend information and provide to Sr. Strategist and Strategist.
• Complete monthly status report for each project/contract.
• Prepare meeting materials.
• Complete Sourcing AR Meeting Form Input, validate with Finance and maintain savings data in Enterprise Savings Initiative (ESI) and NorthStar tracking spreadsheets.
• Maintain Sourcing projects in TrackVia solution.
• Complete Sourcing Council documentation.
• Schedule supplier demonstrations (demos).
• Conduct market research as needed, including diverse suppliers.
• Contract follow-up with Legal department.
• No signature authority or category ownership.
• Works to create a 'cost conscious' culture across Bancorp.

Supervisory Responsibilities

None

Minimum Knowledge, Skills and Abilities Required

• Bachelor's Degree or equivalent preferred with 3-4 years Sourcing or Procurement experience.
• Basic understanding of Sourcing and Vendor Management methodologies, negotiations and business processes.
• Proven ability to multi-task and prioritize work to deliver on time and help meet project deadlines.
• Desire to learn new processes, tools, and techniques.
• Flexibility during organizational and/or business changes.
• Strong interpersonal and relationship building skills.
• Critical listening and thinking skills.
• Attentive to details, accurate and well organized.
• Ability to navigate complex organizations.
• Effective written and verbal communication skills.
• Hands on proficiency in Microsoft Office tools, including Project, Word, PowerPoint, Visio and Excel.
• Ability to work independently to set and manage plans and to work within a team environment.
• Decision making/problem solving skills.

Third Party Procurement Senior Analyst

Compensation and Benefits

Our Total Rewards include comprehensive benefits and differentiated compensation offerings to give each employee the opportunity to be their best every day.

The base salary for this position is reflective of the range of salary levels for all roles within this pay grade across the U.S. Individual salaries within this range will vary based on factors such as role, relevant skillset, relevant experience, education and geographic location.

In addition to the base salary, this role is eligible to participate in an incentive compensation plan, with any such payment based upon company, line of business and/or individual performance.

Our extensive benefits programs are designed to support the individual needs of our employees and their families, encompassing physical, financial, emotional and social well-being. You can learn more about those programs on our 53.com Careers page at: https://www.53.com/content/fifth-third/en/careers/benefits.html or by consulting with your talent acquisition partner.

Location

Cincinnati, Ohio 45202

Fifth Third Bank, National Association is proud to have an engaged and inclusive culture and to promote and ensure equal employment opportunity in all employment decisions regardless of race, color, gender, national origin, religion, age, disability, sexual orientation, gender identity, military status, veteran status or any other legally protected status.

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.