VP/FVP, Manager, Sourcing and Procurement

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Are you enthusiastic, highly motivated, and have a strong work ethic? If yes, come join our team! At Cathay Bank – we strive to provide a caring culture that supports your aspirations and success. We believe people are our most valuable asset and we proudly foster growth and development empowering you to achieve your professional goals. We have thrived for 60 years and persevered through many economic cycles due to our team members’ drive and optimism. Together we can make a difference in the financial future of our communities.


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GENERAL SUMMARY
Cathay Bank is seeking a visionary and transformative leader to build a new Strategic Sourcing and Procurement function designed to proactively optimize our sourcing opportunities, capture extensive financial savings, better control our procurement processes/third-party risks, and accelerate our strategic initiatives.
This role leads the Strategic Sourcing and Procurement (SPC) function and is responsible for the strategic direction and development of this enterprise function, including Sourcing, Contracting and Procurement Operations. The role directs all aspects of the function, including policy, procedures, organizational design, systems/tools, templates, goals development and execution. In addition to their program development responsibilities, this role will be responsible for managing their own portfolio of RFPs, contract negotiations, category development and business unit alignment.
The VP/FVP, Manager, Sourcing and Procurement will design, build and execute all aspects of an effective, simple, end-to-end procurement process. This will include procurement intake and approval, contract negotiations and renewals, cost optimization and efficiency gains, signatory authority, terminations, competitive bidding, and payment controls.
The VP/FVP, Manager, Sourcing and Procurement will partner closely with leadership across the Bank to optimize supplier relationships, streamline procurement processes, and ensure alignment with the company’s strategic goals and need for future scalability. As a team of one, this leader will roll up their sleeves to manage the day-to-day function being built and define the overall process with the Business, Finance, Legal, Compliance, Third-Party Risk, and Vendor Management teams along the way. Client service, responsiveness and collaboration are all keys to success for this important role.


DIRECT REPORTS

This position will start with no direct reports, however, additional positions will be added as the function scales and additional resources are needed.

RESPONSIBILITIES
• Responsible for defining strategy and execution of Sourcing and Procurement.
• Accountable owner of Sourcing and Procurement-related Policy, Procedures, Systems, Tools, Templates, programmatic performance metric development, contract and spend-related approval requirements and centrally managed Third Party Providers (TPPs).
• Provides direction and mentorship to all Sourcing and Procurement staff.
• Prioritizes initiatives and work efforts, as well as assigns projects to Sourcing and Procurement staff.
• Leads function and staff, while also managing own portfolio of categories & BU engagements including running RFPs and negotiating and drafting agreements.
• Partners with Third Party Risk Management (TPRM), Legal and other subject matter experts to develop a seamless and efficient Sourcing process that incorporates key risk and control considerations.
• Continuous improvement of program, inclusive of simplification, streamlining, automation, with effective balancing of risks & rewards.
• Establishes department goals & objectives, including identification and execution on savings targets and continued KRI/KPI improvement.
• Effectively manages centrally-owned TPPs and other Sourcing-owned TPPs (e.g., office supplies, doc shred and storage, managed print, P2P system, etc.), according to Bank-established TPP risk requirements.
• Reports and escalates to applicable committees regarding performance of the function against stated objectives, as well as program non-compliance and exceedingly risky TPP engagements.
• Completes all bank-required training in a timely fashion.

QUALIFICATIONS
Education:
• Bachelor Degree in Business Administration, Economics, Finance, Supply Chain Management or related field; MBA or Juris Doctorate preferred.
Experience:
• Minimum 5-7 (VP level) or 7-10 (FVP level) years of banking specific sourcing/procurement experience, including program design and development from the ground up.
• Experience/expertise in identificatio