Vendor Management Specialist – Outsourcing – Banking

Rothstein Recruitment Ltd

Vendor Management Specialist – Outsourcing – Banking

Excellent opportunity opens for a Vendor Management Specialist to join an International Bank’s London office. This role will manage the onboarding & offboarding of Vendors/Suppliers and maintain relationships with them.

Key Responsibilities & Accountabilities

Vendor/Supplier Relations:

• Support in overseeing and managing external vendor/supplier relationships to ensure effective collaboration and communication.
• Facilitate the onboarding and offboarding processes for vendors and suppliers, ensuring smooth transitions and adherence to policies.
• Conduct thorough due diligence and risk assessments for all vendors and suppliers to ensure compliance with enterprise-wide standards.
• Implement and monitor ongoing vendor risk management practices to mitigate potential risks associated with outsourcing.
• Support in drafting, negotiating, and managing contracts with vendors and suppliers, ensuring favourable terms and compliance with regulatory standards.
• Track and oversee renewal and expiry dates of all contractual agreements, ensuring timely renewals and adherence to contractual obligations.

Performance Monitoring and Reporting:

• Coordinate, track, measure, and report vendor/supplier performance against contractual obligations and costs.
• Analyse data to identify trends, track performance, and make informed decisions to optimise vendor relationships.
• Identify commercial sourcing opportunities and support the tendering process to ensure quality of service and value for money.
• Continuously review and assess the best routes to market to meet business needs and drive cost efficiencies.
• Ensure compliance with relevant regulations and standards governing outsourcing and vendor management in the financial sector.
• Stay updated on regulatory changes and implement necessary adjustments to vendor management practices.
• Utilize analytical expertise to identify savings opportunities and deliver measurable cost savings.

Strategic Alignment and Problem Solving:

• Align vendor management strategies with the bank’s overall business goals and objectives, ensuring strategic coherence.
• Collaborate with internal stakeholders to integrate vendor management practices into broader organizational strategies.
• Address and resolve issues that arise in vendor relationships, ensuring smooth operations and minimal disruptions.
• Implement proactive measures to prevent potential issues and enhance vendor performance.

Project Management:

• Support projects related to vendor onboarding, offboarding, and performance monitoring, ensuring timely and efficient execution.
• Apply project management methodologies to streamline processes and improve overall efficiency.

Business Continuity:

• Assist in developing and maintaining a corporate-wide Business Continuity Plan (BCP) program, policies, and framework documents.
• Support the line manager in aligning BCP planning, initiatives, and goals with bank’s goals and infrastructure capabilities.

Interested? Apply in Vendor Management Outsourcing Providers Suppliers Relationships