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Bancorp Bank, The

VP Sourcing and Procurement

full-time•Wilmington, Sioux Falls

Summary

Location

Wilmington, Sioux Falls

Type

full-time

Experience

5-10 years

Company links

WebsiteLinkedInLinkedIn

About this role

Overview

***This position is available as a hybrid position in our Wilmington, DE or Sioux Falls, SD office.***

 

Provides strategic leadership, direction, and oversight of all sourcing, vendor management, and procurement functions. Responsible for developing global sourcing strategies, optimizing supplier relationships, ensuring compliance with regulatory and corporate policies, and achieving cost savings while maintaining high standards of quality, risk management, and service delivery. Aligns closely with Third Party Risk Management, Legal, Compliance, Business Lines, Finance, HR, Operations, Facilities, and Information Technology.

Responsibilities

Essential Functions
  • Manages vendor relationships, specifically IT vendors, to ensure a quality and cost-effective IT purchasing function. Works with business line owners to manage each relationship, ensuring that multiple departments use similar vendors to obtain the best pricing and services for the organization. Consolidates vendor services as needed with internal business heads.
  • Prepares strategic purchasing plans with business leaders. Discusses multi-year strategies and develop and manage policies and procedures related to the procurement of IT and other goods and services and as well as the management of existing vendor relationships.
  • Delivers executive summaries and presentations to senior leadership detailing cost, quality, and service delivery, analyzing gaps and opportunities at the corporate level and making recommendations.
  • Selects company product and service providers based on vendor analysis. Researches and interviews suppliers. Evaluates vendor quotes and services to determine most desirable suppliers. Provides recommendations to senior leadership.
  • Negotiates pricing to ensure products and services are purchased.
  • Manages vendor performance and productivity identifying, tracking, and reporting on appropriate metrics. Develops and evaluates effectiveness of the VMO in supporting IT services and suppliers.
  • Provides advice and guidance to managers and executives regarding purchasing and vendor assessment standards and processes. Ensures third party vendor controls are in place for items such as vendor diversity and system/IT purchases.
  • Monitors contract renewal, expiration, and pricing dates. Develops contractual standards. Manages contract repository to ensure contracts are current and follow up as critical contract dates approach.
  • Leads the contract renewal and associated administrative processes. Facilitates the resolution of issues by working with internal partners to resolve outstanding terms and conditions and ensure that the contract approval and signatures are obtained. Facilitates and schedules meetings with the relevant parties to provide timely resolutions.
  • Manages RFP’s in response to requests from business lines and partners.
  • Monitors third party vendor performance against contractual requirements to ensure service level agreements are being met. Follows up with vendors and internal teams.
  • Performs other duties as assigned.

    • Qualifications

    Education/Experience Requirements
    • Bachelor's degree or an equivalent combination of training and experience.
    • 8 years of Sourcing and Procurement experience.
    Preferred Qualifications
    • Strong working knowledge of legal and contract terms and conditions.
    • Excellent analytical and decision-making skills.
    • Demonstrates a high level of attention to detail.
    • Consistent track record of producing high quality results.
    • Ability to lead groups people toward common goals.
    • Excellent verbal, written, and interpersonal communication skills.
    • A team player, able to work effectively in a team fostered, multi-tasking environment.
    • Proficient in Microsoft Office suite, e.g. Excel, PowerPoint, Word, Outlook.
    • No travel required.

    Additional Information

    This job will be open and accepting applications for a minimum of five days from the date it was posted.

     

    Working at The Bancorp Bank, N.A. and Benefits Information: https://thebancorp.com/company/join-our-team/

    Company Culture & Background Screening

    Company Culture at The Bancorp Bank: https://www.thebancorp.com/company/company-culture/

     

    The Bancorp Bank, N.A. is an EQUAL OPPORTUNITY EMPLOYER and will not discriminate on the basis of race, color, religion, gender, gender identity, sexual orientation, pregnancy, citizenship, national origin, age, disability, genetic information, veteran status or other protected category with respect to recruitment, hiring, training, promotion, and other terms and conditions of employment.

     

    Employment with The Bancorp Bank, N.A. includes successfully passing a background check including credit, criminal, education, employment, OFAC, and social media background history.

     

    #LI-CB1

    #LI-Hybrid

    What you'll do

    • The VP of Sourcing and Procurement provides strategic leadership and oversight of sourcing, vendor management, and procurement functions. This includes managing vendor relationships, preparing strategic purchasing plans, and delivering executive summaries to senior leadership.

    About Bancorp Bank, The

    The Bancorp, Inc. (NASDAQ: TBBK) is dedicated to serving non-bank financial service companies' unique needs, ranging from entrepreneurial start-ups to those on the Fortune 500. The company’s subsidiary, The Bancorp Bank, N.A., has been repeatedly recognized in the payments industry as the Top Issuer of Prepaid Cards (US), a top merchant sponsor bank, and a top ACH originator. Specialized lending distinctions include National Preferred SBA Lender, a leading provider of securities-backed lines of credit, and one of the nation's few bank-owned commercial vehicle leasing groups.  For more information please visit www.thebancorp.com

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    Frequently Asked Questions

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    As a VP Sourcing and Procurement at Bancorp Bank, The, you will: the VP of Sourcing and Procurement provides strategic leadership and oversight of sourcing, vendor management, and procurement functions. This includes managing vendor relationships, preparing strategic purchasing plans, and delivering executive summaries to senior leadership..

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    The VP Sourcing and Procurement position at Bancorp Bank, The is based in Wilmington, Delaware, United States and Sioux Falls, South Dakota, United States. Contact the company through Clera for specific work arrangement details.

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