ERP Vendor Management Analyst

Vendor Manager

When you join the Federal Reserve—the nation's central bank—you'll play a key role, collaborating with leading professionals to strengthen and protect our economic, financial and payments systems. We invest in contemporary and emerging technology each year to support the Federal Reserve and our economy, and we're building a dynamic and diverse team for our future.

The Enterprise Resource Planning Support Office's (ESO) Vendor Manager is a strategic and operational leader responsible for the full supplier lifecycle and service delivery of third-party vendor management across all ERP platforms and services. This entails establishing and driving vendor relationship management, contract negotiation, risk and spend monitoring, and performance measurement practices to ensure alignment with the Federal Reserve System Vendor Management Framework and service-level expectations.

This individual partners closely with the ERP business product teams, System Procurement, and the Richmond Fed procurement, legal, risk, and finance areas to support the overall supplier lifecycle and to ensure vendors deliver expected value and performance.

Key Activities

• Performs work under limited supervision with extensive autonomy and discretion; plans and arranges short and long-term work for the vendor management function in alignment with the organization's overall business objectives. Influences timelines, expectations and proactively negotiates within the ERP organization.
• Communicates and influences internal and external stakeholders at an operational and strategic level regarding policies, procedures, and practices.

Vendor Strategy

• Effectively manage and develop the vendor management process and strategies for the ESO, aligning with local and System policies and industry best practices.
• Implement scalable best practices for vendor management lifecycle activities including onboarding, offboarding, contract oversight, performance monitoring, and risk management.

Relationship and Performance Management

• Serve as the primary relationship manager for all ERP vendors.
• Lead and organize business reviews with key vendors, business product stakeholders, and leadership.
• Monitor and evaluate vendor performance against SLAs, KPIs, and business outcomes.
• Partner with enterprise risk, information security, and compliance teams to support vendor management audits and/or third-party provider risk assessments and regulatory inquiries.
• Perform and accountable for ongoing service delivery activities through the establishment of vendor management plans including relationship management, risk assessment, mitigation, risk monitoring and control, performance scorecard and improvement plans, contingency and crisis management, and leadership and delivery tracking meetings.

Contract and Financial Management

• Act as the primary point of contact representing the business during the sourcing and procurement stages of the supplier lifecycle. In collaboration with the National/Local Procurement Office, ensure adherence to and provide support for complying with System Procurement standards and Model Acquisition Guidelines.
• Collaborate with System Procurement, legal, information security and business line(s) stakeholders when establishing new and/or renewed contract terms and purchase orders to ensure all contractual terms and conditions comply with FRS standards and meet the needs of the business.
• Establish negotiation strategies that result in cost savings and favorable terms and conditions while minimizing risk.
• Support and/or author Statement of Work (SOW) for services agreements. Verify performance to each SOW, adherence to timelines, cost management, change control, and corrective actions, as necessary.
• Manage contract renewals, amendments, and service-level agreements.
• Monitor the ESO's software budget, monitor vendor spend and cost effectiveness including product usage and cost trend analysis to support budgeting and forecasting activities; validate and ensure vendor invoices are processed in alignments with the applicable contract terms to ensure compliance.
• Monitor vendors' adherence to agreement terms, commitments, and terms and conditions.
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