Third Party Procurement Strategist

Fifth Third; Cincinnati (OH); On-site; USD 90,000 - 130,000; Full time

Job summary

Fifth Third Bank in Cincinnati, OH is seeking a Third Party Procurement Strategist to lead sourcing for moderate risk and spend, negotiate contracts, and guide business lines on risk management. You will support strategy development, manage supplier relationships, and ensure compliance with internal policies.

The role requires a Bachelor's degree and 4+ years of sourcing or procurement experience, with strong analytical capabilities and cross-functional collaboration.

Qualifications

• Bachelor's Degree or equivalent with 4+ years Sourcing or Procurement experience.
• Strong knowledge of Sourcing methodologies, negotiations and business processes.
• Excellent analytical and problem solving skills.
• Ability to lead and influence cross-functional teams and manage risk.

Responsibilities

• Create and maintain supplier profiles.
• Support Sr. Strategist on designated categories and projects.
• Execute moderate/low risk projects and contract renewals.
• Negotiate terms and conditions to mitigate risk and maximize value.
• Coordinate with business lines and legal on requirements and compliance.

Skills

Sourcing experience

Negotiations

Analytical skills

Change leadership

Education

Bachelor's degree or equivalent

Job description

Make banking a Fifth Third better. We connect great people to great opportunities. Are you ready to take the next step? Discover a career in banking at Fifth Third Bank.

GENERAL FUNCTION

The scope of the role and the responsibilities encompasses acquisition, structuring and negotiation of third party contracts for goods and services for the Bancorp. Provides Sourcing expertise and leadership for moderate to low risk Bancorp Sourcing projects for contracts and/or moderate to low spend. Provide guidance and advice to the Business Line managers and Risk Managers to minimize and manage risks associated with third party relationships. Supports Sr. Strategist to drive a Category Strategy that enables the Bancorp to support those customer relationships where the Bancorp is the third party service provider. 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 by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.

ESSENTIAL DUTIES AND RESPONSIBILITIES

• Create and maintain supplier profiles.
• Support Sr. Strategist on designated categories.
• Assigned Project Level Responsibilities.
• Execution of all Moderate risk / Moderate spend projects/contracts.
• Execution of all Moderate risk / Low spend projects/contracts.
• Execution of all Low risk / Moderate spend projects/contracts.
• Execution of all Low risk / Low spend projects/contracts.
• Existing Opportunity or Contract Renewal.
• Execution of all Contract renewals/addendums/amendments assigned by Sr. Strategist regardless of spend or risk level.
• Execution of all contracts for maintenance renewals.
• Adhere to Sourcing Council Process for assigned projects.
• Second Signature Authority: Contracts < $1MM.
• Manages the review process for service provider relationships that impact the Bancorp's Sarbanes Oxley compliance.
• Apply knowledge of best practices from throughout the Bancorp as they pertain to the risks associated with outsourcing and other third party service provider relationships.
• Support Business Line(s) and cross-functional teams in formulating business requirements to enable the achievement of strategic and tactical goals.
• Assist the business manager and legal in negotiating terms and conditions related to mitigating identified risk.
• Assist lines of business with the review and monitoring process to ensure compliance with the OSP Policy.
• Execute Sourcing strategies and support cross-functional teams of business line experts, subject matter experts and Sourcing professionals.
• Coordinate BSP requests and reviews as necessary.
• Ensure contracts, goals, and objectives are aligned with Bancorp objectives.
• Achieve world-class Sourcing results, protect the Bank, and be recognized as one of the subject matter experts for Strategic Sourcing for externally acquired goods and services.
• Develop relationships with key stakeholders to identify current and future business requirements and strategies for third party service provider arrangements.
• In collaboration with project team, manage Sourcing events including needs analysis; market analysis; competitive intelligence; RFI and RFP development; cost and proposal analysis; contract negotiation; deal structuring to minimize risk and assistance to develop an effective implementation plan.
• Continually maintain knowledge of market and industry trends and best practices.
• Leads negotiations for service provider agreements and other partnering arrangements.
• Finalize contracts and develop communication, transition and implementation plans.
• Network externally with industry and international experts to facilitate effective strategic intelligence.

SUPERVISORY RESPONSIBILITIES

• Responsible for developing the appropriate talent pool for succession planning.
• Proficient at coaching, developing and motivating others.

MINIMUM KNOWLEDGE, SKILLS AND ABILITIES REQUIRED

• Bachelor's Degree or equivalent preferred with 4+ years Sourcing or Procurement experience.
• Strong knowledge of Sourcing methodologies, best practices, negotiations and business processes.
• Champions new initiatives and removes barriers; encourages out-of-the-box thinking; acts as a catalyst for change and stimulates others to change.
• Actively drives continuous improvement in all aspects of the company.
• Fosters open communication.
• Excels at envisioning the future and shaping strategy.
• Excellent analytical skills.
• Problem solving.
• Change leadership skills.

Third Party Procurement Strategist At Fifth Third, we understand the importance of recognizing our employees for the role they play in improving the lives of our customers, communities and each other. 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 your 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.

Are you ready to take the next step? 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.