Procurement Officer

Company Description

For more than 70 years, IDB Bank has made it our mission to be the best bank for our clients by putting their needs first, and the success we’ve enjoyed fundamentally comes down to our people. Here at IDB, you’ll work side by side with some of the most talented professionals in the industry who share a strong sense of teamwork and a passion for providing exceptional service down to the smallest detail. We offer a comprehensive benefits package that includes generous paid time off and the ability to participate in our medical coverage and 401(k) plan on your very first day with us. We are also committed to diversity and inclusion, and to providing all of our team members with an equal opportunity to succeed and make meaningful contributions within a work environment that is respectful, welcoming and inclusive.

Job Description

The position will support the overall direction of IDBNY’s bank-wide procurement and expense management activities. The position will perform or assist in ensuring that all procurement, expense management, contract and vendor management activities deliver value for money and innovation in accordance with IDBNY’s finance, expense management and business strategy.

The position will be responsible in partnership with the various relationship managers for providing complete vendor analysis, evaluation and selection.

The position will be responsible for assisting with contract negotiations including engagement with various internal and external parties where necessary.

The position will act as a role model of professional procurement practices, delivering high quality data analysis in support of strategic solutions being evaluated to meet the needs of the bank, provide valuable procurement and vendor management expertise and having significant coverage and commercial influence over IDBNY’s third-party investments.

The position will be a key procurement and expense management point of contact for IDBNY and create / deliver relevant procurement and expense management reports, presentations and recommendations to Management Team members as required.

Meets with Relationship Managers (RM’s) and Key Stakeholders to ensure that the business strategy and functional business needs are effectively aligned for maximum return on investment and functionality.

Duties:

• Formulates reasonable business optimization plans subsequent to analysis and identification of addressable spend and secures buy-in from RM’s and Key Stakeholders to deliver planned activities.
• Delivers robust analysis for contracts and subcontracts with all relevant flow downs which enable IDBNY to execute strong vendor agreements both financially and contractually. Ensures these contracts minimize IDBNY’s operational and financial exposure and contain continuous improvement targets.
• Audits contracts, requisitions and purchase orders, and prepares data reports to substantiate individual transactions prior to settlement.
• Assists in the modification, documentation, and coordination related to roll out and updates of Procurement systems and Procurement management control procedures.
• Provides Procurement best practices guidance to the Relationship Managers and Key Stakeholders in the formulation and execution of sourcing strategies and supporting business cases which effectively reduce IDBNY’s operating costs.
• Leads and mentors’ others within IDBNY to ensure that innovation and continuous improvement is delivered in the areas of expense management and supplier relationship management.
• Through a series of processes including data analytics, delivers financial targets and executes significant cost reduction strategies while maintaining and improving service for IDBNY.
• Supports the various departmental team members in managing supplier relationships that deliver improved efficiency and value-added capability through cultivating an environment of ideas generation and innovation from the incumbent supply base.
• Provides data driven guidance across IDBNY to ensures the appropriate supply risk and audit activities are conducted and adhered to by all departments.
• Delivers appropriate performance data and metrics for senior management reports.
• Supports the Head of Procurement in the development of the vision, objectives and strategies for the Procurement function and communicates them to Internal Stakeholders.
• Leads regular procurement training initiatives across all of IDBNY to ensure clear expectations, understanding and compliance of IDBNY procurement & expense management procedures are met. 

Supervisory Responsibilities:

While there are no direct supervisory responsibilities, this position entails delegating and reviewing the work of others as well as advising on relevant procurement, expense management and vendor management principles.