Vendor Manager

Job Description

The Vendor Manager – Technology will be responsible for building and maintaining strong relationships with our Technology suppliers and vendors to ensure the timely delivery of high-quality products and services. This individual will negotiate contracts, monitor vendor performance, and implement effective vendor management practices to optimize cost efficiencies and drive business success. 

Vendor Selection and Onboarding: 

● Identify potential technology vendors and evaluate their capabilities to meet organization's needs. 

● Lead the vendor onboarding process and negotiate favorable contractual terms. 

● Helps ensure vendor compliance to documents submitted to the bank in alignment to BSP requirements

Vendor Performance Monitoring: 

● Establish key performance indicators (KPIs) and service level agreements (SLAs) for vendors. 

● Monitor vendor performance regularly and address any issues or non-compliance. 

● Monitors Duties and Obligations indicated in the contract on a periodic basis

● Tracks, measures, reports and evaluates vendor performance on a periodic basis coming

Contract Management: 

● Negotiate contracts and pricing with vendors together with Procurement and Legal teams to secure competitive and cost-effective agreements. 

● Ensure all contracts are up-to-date and align with organizational requirements. 

Financial Analysis and Optimization:

• Conduct financial analysis of vendor agreements, tracking and managing technology-related expenses.

• Identify opportunities for cost savings and efficiency improvements.

• Work closely with the finance team to ensure accurate budgeting and forecasting for technology-related expenditures.

Budget Oversight:

• Collaborate with various departments to develop and manage technology-related budgets.

• Monitor and report on budget variances, providing insights and recommendations.

• Drive cost-effective technology solutions that align with organizational goals.

Relationship Management: 

● Cultivate strong and collaborative relationships with vendors to foster open communication and partnership. 

● Conduct regular vendor meetings and performance reviews. 

● Collaborates with the different areas of the bank to formulate and improve workflow processes, methods, policies for IT Related Vendor Engagement

Risk Mitigation: 

● Identify and mitigate potential risks associated with vendor relationships. 

● Develop contingency plans to address any disruptions in the supply chain. 

Vendor Performance Improvement: 

● Work with vendors to improve performance and address areas of improvement. 

● Implement vendor development programs where necessary.

Qualification

• Proven experience (5+ years) in vendor management, procurement, or supplier relationship management and financial analysis. 
• Strong negotiation and contract management skills. 
• Analytical mindset with the ability to assess vendor performance and identify areas for improvement. 
• Excellent communication and interpersonal skills. 
• Proven ability to build and maintain strong business relationships.
• Financial acumen and the ability to analyze and interpret financial data.
• Familiarity with legal and contractual aspects of vendor agreements.