STRATEGIC SOURCING ANALYST WHAT IS THE OPPORTUNITY? City National Bank is looking for a Strategic Sourcing Specialist to join their centralized Procurement department supporting all business lines and offices in North America. Support contracts administration and the data integrity of the third party contract files. Perform contract quality assurance reviews and analyze contracts. In addition. the Strategic Sourcing Specialist will negotiate and draft low to medium complexity third party IT supplier contracts. Work with other departments to minimize risk and obtain the favorable terms for the bank. Support the Procurement Operations and Strategic Sourcing teams when necessarily. Determine and recommend alternate supply strategies to create cost savings and/or supply support solutions. Contribute to the achievement of defined category performance targets. Research and stay current on industry practices for product and services within the assigned category(s). Build and foster relationships and effectively partner across varied functions with internal stakeholders, external suppliers, and colleagues to influence change. Manage assigned projects and communicate with the stakeholders. Manage supplier involvement and relationship with the Company, as well as manage supplier audit activities. Prepare reports for management as requested. What you will do Support contracts administration and the data integrity of the third party contract files. Perform contract quality assurance reviews and analyze contracts. Lead negotiations and contract drafting for low complexity commodity/service to be purchased by the bank. Work with Legal, compliance, finance, the business and other department to minimize risk and obtain the favorable terms for the bank. Analyze business plans; spend data, supplier and market data, to determine optimal sourcing strategies across businesses and assigned suppliers and/or commodities. Determine and recommend alternate supply strategies to create cost savings and/or supply support solutions. Research and stay current on industry practices for product and services within the assigned category(s). Assist colleagues with interpreting contracts. Builds and fosters relationships and effectively partners across varied functions with internal stakeholders, external suppliers, and colleagues to influence change, Manage assigned projects and communicate with the stakeholders. Ensures compliance with Company policies, procedures, standards, use of Procurement systems in alignment with the stakeholder’s objectives. Prepare reports for management as requested. Governance of vendor sourcing agreements Manage/mitigate vendor risk, business continuity and security Prepare and present strategic sourcing strategies for assigned suppliers and/or commodities to senior management. Develop / maintain market and technical expertise in assigned buy categories. Perform other duties as required. Must-Have* Minimum 4+ years of related experience in procurement, strategic sourcing, contract management and/or vendor management Minimum 2 years work experience in banking or financial services company Must have knowledge of contract management, negotiation principles and procurement practices. Must have experience purchasing different types of products and services. Skills and Knowledge Master’s degree a plus Ideal candidate is continuously learning and stays current on industry practices for product and services within the assigned category(s). Must be knowledgeable of the Strategic Sourcing process, drafting of contracts, financial reviews and procurement practices Ability to read and analyze contracts. Ability to manage details without losing sight of the big picture. Must have the ability to develop strong analytical, critical thinking, negotiation and presentation skills. Some exposure and/or experience negotiating low risk contracts. Able to work at strategic level and if requested tactical (hands-on). Strong written and verbal communication skills Excellent time management skills and ability to adapt quickly to change Must be able to: Deliver: Creates and seizes opportunities even when faced with ambiguity; acts with integrity, is accountable and advocates in the best interest of the bank; is decisive and acts in a timely manner, acts on information and adapts with changes; seeks and accepts responsibility for failure; share responsibility for team success; seek best practices from across all industry sectors; advocate for solutions that will set the foundation for win-win solutions in future business opportunities. Critical Thinking: Thinks systematically and strategically to analyze issues, develop and create short and long term actionable plans. Considers details and sees the big picture. Sees around corners to preempt potential problems and leverage opportunities; connects multiple seemingly unrelated problems to see the big picture Innovation: Continually develops a better understanding of current and future challenges and opportunities; creates a recommendation and works with Procurement to successfully implements ideas. Systematically develops new approaches to standard or recurring goals and issues. Teamwork & Collaboration: Generates the best outcomes through collaboration (business, Legal, compliance, etc.). Values colleagues’ individual differences and talents. Shares important or relevant information with the team to ensure solutions meets the needs of the bank. Attention to Detail: Thoroughness in completing a task/analysis/project with concern for all elements required at every level. Planning: Effectively manages time and resources. Embrace challenges. Compensation Starting base salary: $65,296 - $104,304 per year. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions. *To be considered for this position you must meet at least these basic qualifications The preceding job description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job. Benefits and Perks At City National, we strive to be the best at whatever we do, including the benefits and perks we offer our colleagues. Get an inside look at our Benefits and Perks. ABOUT CITY NATIONAL City National Bank, a subsidiary of Royal Bank of Canada, is the largest bank headquartered in Los Angeles with $92.03 billion in assets as of April 30, 2024. Founded in 1954, City National provides personalized banking, investment and trust services in select markets including Los Angeles, Orange County, San Diego, the San Francisco Bay Area, New York City, Nashville, Atlanta, Delaware, Las Vegas, Washington D.C. and Miami.* In addition, the company and its investment affiliates manage or administer $96.83 billion in client investment assets. City National is dedicated to strengthening communities, and in 2023 alone, the company made more than $11 million in charitable contributions to nonprofits that support the communities it serves. *City National Bank does business in Miami and the state of Florida as CN Bank. For more information about City National, visit cnb.com. EQUAL OPPORTUNITY EMPLOYER & REASONABLE ACCOMMODATION City National Bank is an equal opportunity employer committed to promoting and maintaining a diverse, equitable and inclusive working environment where differences are valued and encouraged. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or any other basis protected by the laws or regulations in the locations where we operate or in our Code of Conduct. READ MORE If you are a qualified individual with a disability or a disabled veteran, you have the right to request a reasonable accommodation for any part of the employment process. Please contact us via email or leave a message at (213) 673-9139. These contact methods are dedicated to applicants whose disability prevents them from successfully applying online. Only messages left for this purpose will be returned. Responses may take up to two business days.