VP Sourcing and Procurement

The Bancorp; Wilmington (DE); On-site; USD 150,000 - 190,000; Full time

Job summary

The Bancorp is seeking a senior leader to drive strategic sourcing and procurement across the organization. The role focuses on building global sourcing strategies, optimizing supplier relationships, and ensuring compliant, cost-effective purchasing across multiple business lines.

You will lead negotiations, contract management, and vendor performance, while aligning with risk, legal, and finance teams to deliver value and maintain high standards of quality and service.

Qualifications

• Bachelor's degree or equivalent.
• 8 years of Sourcing and Procurement experience.
• Strong working knowledge of legal and vendor contract terms.

Responsibilities

• Manages vendor relationships, especially IT vendors, to ensure quality and cost-effective IT purchasing.
• Prepares strategic purchasing plans with business leaders and develops procurement policies.
• Delivers executive summaries to senior leadership detailing cost, quality, and service delivery.
• Negotiates pricing to ensure best value and term compliance.
• Monitors contract renewal, expiration, and pricing; manages contract repository.
• Leads RFP and RFIs from business lines and oversees vendor performance against SLAs.

Skills

Analytical thinking

Decision making

Attention to detail

Leadership

Verbal & written communication

Team collaboration

MS Office

Vendor management

Education

Bachelor's degree

Tools

Microsoft Office (Excel, PowerPoint, Word, Outlook)

Job description

VP Sourcing and Procurement

Job Location

US-DE-Wilmington

Type

Full Time

Position Summary

Company Summary

At The Bancorp, we've spent over 20 years driving innovation in the financial services industry. As a trusted partner to businesses from startups to Fortune 500 companies, we provide the people, processes, and banking technology to help our clients succeed. Whether you're working in Fintech Solutions, Institutional Banking, Commercial Lending, or Real Estate Bridge Lending, you'll have the opportunity to be part of a team that's transforming businesses with forward-thinking, tech-powered solutions.

Provides strategic leadership, direction, and oversight of all sourcing, vendor management, and procurement functions. Responsible for developing global sourcing strategies, optimizing supplier relationships, ensuring compliance with regulatory and corporate policies, and achieving cost savings while maintaining high standards of quality, risk management, and service delivery. Aligns closely with Third Party Risk Management, Legal, Compliance, Business Lines, Finance, HR, Operations, Facilities, and Information Technology.

Key Responsibilities

• Manages vendor relationships, specifically IT vendors, to ensure a quality and cost-effective IT purchasing function. Works with business line owners to manage each relationship, ensuring that multiple departments use similar vendors to obtain the best pricing and services for the organization. Consolidates vendor services as needed with internal business heads.
• Prepares strategic purchasing plans with business leaders. Discusses multi-year strategies and develops and manages policies and procedures related to the procurement of goods and services and as well as the management of existing vendor relationships.
• Delivers executive summaries and presentations to senior leadership detailing cost, quality, and service delivery, analyzing gaps and opportunities at the corporate level and making recommendations.
• Selects company product and service providers based on vendor analysis. Researches and interviews suppliers. Evaluates vendor quotes and services to determine most desirable suppliers. Provides recommendations to senior leadership.
• Negotiates pricing to ensure products and services are purchased.
• Provides advice and guidance to managers and executives regarding purchasing and vendor assessment standards and processes. Ensures third party vendor controls are in place for items such as vendor diversity and system/IT purchases.
• Monitors contract renewal, expiration, and pricing dates. Develops contractual standards inclusive of defining appropriate performance metrics and reporting requirements. Manages contract repository to ensure contracts are current and follow up as critical contract dates approach.
• Leads the contract renewal and associated administrative processes. Facilitates the resolution of issues by working with internal partners to resolve outstanding terms and conditions and ensure that the contract approval and signatures are obtained. Facilitates and schedules meetings with the relevant parties to provide timely resolutions.
• Leads the Request for Proposal and Request for Information requests from business lines.
• Monitors third party vendor performance against contractual requirements to ensure service level agreements are being met. Follows up with vendors and internal teams.
• Performs other duties as assigned.

Qualification Requirements

• Strong working knowledge of legal and vendor contract terms and conditions.
• Excellent analytical and decision-making skills.
• Demonstrates a high level of attention to detail.
• Consistent track record of producing high quality results.
• Ability to lead groups of people toward common goals.
• Excellent verbal, written, and interpersonal communication skills.
• A team player, able to work effectively in a team fostered, multi-tasking environment.
• Proficient in Microsoft Office suite, e.g. Excel, PowerPoint, Word, Outlook.
• No travel required.

Education/Experience Requirements

• Bachelor's degree or an equivalent combination of training and experience.
• 8 years of Sourcing and Procurement experience.

Additional Information

This job will be open and accepting applications for a minimum of five days from the date it was posted.

This information reflects the base salary pay range for this job based on current national market data. Ranges may vary based on the job's location. We offer competitive pay that varies based on individual experience, qualifications and other relevant factors. We encourage you to apply to positions that you are interested in and for which you believe you are qualified. To learn more, you are welcome to discuss with us as you move through the selection process.

Working at The Bancorp Bank, N.A. and Benefits Information: https://thebancorp.com/company/join-our-team/

Company Culture & Background Screening

Company Culture at The Bancorp Bank: https://www.thebancorp.com/company/company-culture/

The Bancorp Bank, N.A. is an EQUAL OPPORTUNITY EMPLOYER and will not discriminate on the basis of race, color, religion, gender, gender identity, sexual orientation, pregnancy, citizenship, national origin, age, disability, genetic information, veteran status or other protected category with respect to recruitment, hiring, training, promotion, and other terms and conditions of employment.

Employment with The Bancorp Bank, N.A. includes successfully passing a background check including credit, criminal, education, employment, OFAC, and social media background history.

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