Overview of the Sr. Strategic Sourcing Manager Position in the Banking Industry
As the world of banking continues to evolve, strategic sourcing has emerged as a significant factor in maintaining a competitive edge. This is where the role of a Sr. Strategic Sourcing Manager in the banking industry comes into play. This key leadership role is responsible for shaping and executing the strategic vision for sourcing and procurement, ensuring alignment with the overall objectives of the Bank.
Based in Nationwide, Michigan, the Sr. Strategic Sourcing Manager is entrusted with the task of building a best in class Strategic Sourcing function, which includes developing strategy, policies, and procedures. In addition to this, the role involves leading a team of sourcing/category managers specializing in one or more categories, establishing category plans, and optimizing the use of the S2P Coupa tool.
Primary Responsibilities of the Sr. Strategic Sourcing Manager
The primary responsibilities of a Sr. Strategic Sourcing Manager in the banking industry are broad and multifaceted. They include working with key business partners and senior leadership to understand strategic direction, supply requirements, and corporate business objectives and priorities. The role also involves driving thought leadership in categories, negotiating & managing contracts, and identifying vendors for bidding procedures.
Another key responsibility is identifying savings opportunities. This involves directing spend analysis across commodity categories and working with various business units throughout the Bank to proactively identify opportunities for enterprise-wide relationship management and optimization of spend.
Moreover, the Sr. Strategic Sourcing Manager is also responsible for leading analytical reporting. This involves utilizing appropriate analysis methods in the decision-making process to select and evaluate vendors. They are also involved in problem resolution, policy and process build and maintenance, management of special projects, and supporting the professional development of their team.
Key Requirements for the Sr. Strategic Sourcing Manager Role
A high school diploma or GED is a basic requirement for this role. However, a Bachelor’s Degree in Supply Chain Management, Accounting, Finance, or Business Administration is preferred. The role also requires 10 – 15+ years of experience in supply chain management, contract negotiation, vendor management, and third-party management within a highly regulated environment for large scale financial/banking, mortgage origination/servicing organizations.
Other essential skills include the ability to interact productively with people at different levels of management, a strong working knowledge of regulatory guidelines and requirements, excellent verbal and written communication skills, project management skills, strong analytical and problem-solving skills, and high integrity and ethics.
Benefits and Opportunities
Flagstar Bank provides teammates with access to a variety of benefits including medical, dental, vision, life, and disability insurance, as well as a comprehensive leave program. They are also an Equal Opportunity Employer.
This role offers an excellent opportunity for individuals seeking to have a broad organizational impact in identifying key process needs and address changes needed to effectively support company strategies to manage consumption and demand in the context of controlling expenses for over $500 million in third-party spend.
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Note: Qualified applicants with arrest or conviction records will be considered for employment in accordance with the California Fair Chance Act, the Los Angeles County Fair Chance Ordinance, the City of Los Angeles Fair Chance Initiative for Hiring Ordinance, and the San Francisco Fair Chance Ordinance, as applicable.
