VP Sourcing and Procurement Job Wilmington area,Delaware USA,IT/Tech

Company Summary

At The Bancorp, we’ve spent over 20 years driving innovation in the financial services industry. As a trusted partner to businesses from startups to Fortune 500 companies, we provide the people, processes, and banking technology to help our clients succeed. Whether you’re working in Fintech Solutions, Institutional Banking, Commercial Lending, or Real Estate Bridge Lending, you’ll have the opportunity to be part of a team that’s transforming businesses with forward-thinking, tech-powered solutions.

Position

Summary

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.

Key Responsibilities

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 develops and manages policies and procedures related to the procurement of 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.
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 inclusive of defining appropriate performance metrics and reporting requirements. 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.
Leads the Request for Proposal and Request for Information requests from business lines.
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.

Qualification Requirements

Strong working knowledge of legal and vendor 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 of people toward common goals.
Excellent verbal,…