VP, Manager, Procurement

Overview

Cathay Bank is seeking a visionary and transformative leader to build a new Procurement function designed to proactively optimize our sourcing opportunities, capture extensive financial savings, better control our procurement processes/third-party risks, and accelerate our strategic initiatives. The VP, Manager of Procurement will design, build and execute all aspects of an effective, simple, end-to-end procurement process. This will include procurement intake and approval, contract negotiations and renewals, cost optimization and efficiency gains, signatory authority, terminations, competitive bidding, and payment controls.

The VP, Manager of Procurement will partner closely with leadership across the Bank to optimize supplier relationships, streamline procurement processes, and ensure alignment with the company’s strategic goals and need for future scalability. As a team of one, this leader will roll up their sleeves to design, build and manage the overall process with the Business, Finance, Legal, Compliance, Third-Party Risk, and Vendor Management teams along the way.

Client service, responsiveness and collaboration are all keys to success for this important role. This position will start with no direct reports, however, additional positions may be added to align with the Bank’s strategic initiatives.

• Transform and manage an end-to-end sourcing, procurement and contract management process inclusive of the business, third-party risk management, vendor management, legal, compliance, accounts payable, and other functions as needed.
• Maintain a centralized contract system of record.
• Develop and manage vendor relationships across hardware, software, cloud, engineering services, and indirect categories (e.g., HR, facilities, legal, marketing).
• Establish policies and procedures for early third-party engagement, competitive bidding, contract negotiations, supplier management and performance monitoring, renewals and terminations in alignment with the Bank’s third-party risk management program.
• Partner with finance, legal, and compliance to ensure alignment with internal controls, budget requirements, regulatory obligations, and audit readiness.
• Assess current procure-to-pay workflows and identify opportunities to implement best practices and automation, to drive better outcomes and efficiencies.
• Continually focus on streamlining procurement touchpoints including budget and business case approvals, contract negotiations, data privacy/security, and legal reviews.
• Lead complex vendor negotiations to drive cost savings, favorable terms, and long-term value. Manage and negotiate other agreements directly with vendors as appropriate.
• Monitor requests for new third party/vendor approvals, acting as the liaison between the Bank and vendors.
• Proactively monitor renewal opportunities, to consider more favorable terms where possible. Consider strategic sourcing opportunities. Identify redundant vendors or products/services where the Bank no longer uses such products but continues paying on contract terms.
• Implement and monitor procurement analytics, reporting, and KPIs to continuously improve purchasing efficiencies, procurement strategies, and quality results for the Bank. Drive alignment between procurement objectives and company-wide growth and financial targets.
• Leverage the spend analytics and market intelligence to identify cost reduction opportunities, manage supply risk, and support strategic decision-making.
• Act as a key business partner cross-functionally, ensuring procurement provides the right level of guidance in decision-making and planning. Monitor supplier performance against SLAs, compliance standards, and KPIs, conducting regular reviews and managing escalations as needed.

Education:

• Bachelor Degree in Business Administration, Economics, Finance, or related field.

Experience:

• Minimum 5-7 years of experience in purchasing, sourcing, and/or procurement preferably in financial institutions and/or banks.
• Strong background in procurement, sourcing, vendor management and/or contract negotiations.
• Experience in the Financial Sector and/or Banking is a plus.
• Experience in…