Federal Reserve Financial Services Vendor Management Lead - Temporary

Company

Federal Reserve Bank of Atlanta

Federal Reserve Financial Services (FRFS) delivers a suite of payments services to financial institutions via FedLine® Solutions, Fedwire®, National Settlement Service (NSS), FedCash®, FedACH® (Automated Clearing House), Check Services, and the FedNow® Service. In 2020, we undertook a strategic effort to transform FRFS from a product and support office framework to a national, enterprise-focused organization. The enterprise structure integrated the prior retail, wholesale, cash, and customer relations product and support offices into a new organization, which was further joined by the FedNow team in early 2024. Our North Star strategy, with the new structure, is to offer a fully integrated product suite that provides speed, resilience, and choice in meeting the payments needs of financial institutions across the United States. Through our evolved structure, we will meet the needs of the marketplace for new products and services more quickly, seek to provide a more robust and unified customer experience across our financial service offerings, and create new career growth opportunities for FRFS staff.

We are seeking leaders to set the vision, strategy, values, and priorities that enable FRFS to achieve its mission. Our leaders must demonstrate a strategic, action-oriented mindset focused on intellectual curiosity, agility, accountability, and the ability to drive innovation through experimentation. To achieve our vision for a people-focused organization with a strong collaborative and innovative culture, we expect our leaders to champion an inclusive environment and demonstrate our values in how we work and interact with each other and our broader community.

We value the diversity of our people, ideas, and experiences and are committed to building an inclusive culture that is representative of the communities we serve.

This is a temporary 18-month assignment with no guarantee of a full-time position.

Position Summary:

Serves as a primary point of contact for third-party vendors. Manages vendor budget and makes forecasting recommendations. Assesses vendor performance and coordinates risk management activities. Collaborates with internal and external stakeholders to maintain vendor performance and relationships.

Key Responsibilities:

Contract Management

• Track important vendor activity and vendor deliverables.
• Monitor vendors’ adherence to agreement terms, commitments, and expectations.
• Manage the vendor selection process and participate in RFP/RFQ projects.
• Lead negotiations with vendors to obtain the best value for the goods and services acquired.

Monitor Vendor Performance and Deliverables

• Maintain vendor relationships to ensure high-quality products and services.
• Collaborate with stakeholders to assess vendor performance.
• Participate in project teams to monitor progress on vendor schedules and milestones.
• Act as an escalation point for vendor issues or conflicts.

Vendor Risk Management

• Coordinate with functional areas and other internal stakeholders (i.e., legal, information security) to identify significant risks and develop risk mitigation plans.
• Update vendor requirements, deliverables, and contract terms based on risk assessments.
• Conduct the vendor tiering assessment to determine risk levels and appropriate vendor management activities.

Financial Management and Reporting

• Develop the vendor management budget and make recommendations for monthly forecast adjustments.
• Update and distribute monthly Executive Dashboard Activity Reporting.
• Collaborate and strategize with functional areas and management to identify future product and service needs.

Education: Bachelor's degree or 4 years equivalent experience

Experience: 8+ years preferred

Qualifications:

• Business acumen
• Project and vendor management
• Budgeting/Forecasting
• Microsoft Office Suite
• Ariba/Workday/ERP Solution
• Negotiation

Our total rewards program offers benefits that are the best fit for you at every stage of your career:

• Comprehensive healthcare options (Medical, Dental, and Vision)
• 401K match, and a fully funded pension plan
• Paid vacation and holidays; flexible work environment
• Generously subsidized public transportation
• Annual tuition reimbursement
• Professional development programs, training and conferences
• And more…

This is not necessarily an exhaustive list of all responsibilities, duties, performance standards or requirements, efforts, skills or working conditions associated with the job. While this is intended to be an accurate reflection of the current job, management res