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Cathay Bank · 3 months ago

VP, Manager, Procurement

El Monte, CA, USA

Full-time

Onsite

Mid, Senior Level

$110K/yr - $135K/yr

5+ years exp

Cathay Bank is seeking a visionary and transformative leader to build a new Procurement function designed to optimize sourcing opportunities and control procurement processes. The VP, Manager of Procurement will design and execute an effective procurement process while collaborating with leadership across the Bank to align supplier relationships with strategic goals.

BankingFinanceFinancial Services

Responsibilities

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

Qualification

Procurement managementContract negotiationsVendor managementSourcing strategiesFinancial sector experienceProcurement technologiesStakeholder managementEthicsLeadership skillsCommunication skillsCritical thinkingInterpersonal skillsIntegrity

Required

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

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 both direct and indirect spend, including hardware, software, cloud services, consultants, facilities, and other business services

Direct leadership experience in Procurement & Contract Management overseeing procurement processes and contract procedures

Demonstrated success in building procurement operations from the ground up, including systems, tooling, and vendor governance OR a track record overhauling procurement processes in smaller organizations

Experience managing strategic sourcing & 'supplier management' including Identifying sourcing opportunities, managing supplier relationships and strategic purchasing vendors

Demonstrated success implementing procurement technologies and driving process improvements

Proven experience conducting successful contract negotiations optimizing financial savings and efficiencies

Deep negotiation expertise and comfort redlining contracts directly with Legal

Experience working directly with C-Suite executives including CFO, CRO, COO, and CEO while managing cross-functional stakeholder relationships

Excellent leadership, communication, and stakeholder management skills

Keen eye for detail

Comprehensive understanding of banking processes and technologies

Strong understanding of modern procurement processes, innovative tooling and best practices

Strong critical thinking and decision-making skills, with ability to drive consensus among multiple participants

Ability to guide others with executive level communication and presentation skills

Strong team player with good interpersonal skills and a track record of successfully working with cross-functional business stakeholders

Strong negotiation skills with proven ability to negotiate contracts and manage cross-functional alignment with strategic changes

Ability to identify potential risks and liabilities as they relate to policies and business objectives and proactively develop solutions on contractual terms in collaboration with internal stakeholders

Ability to devise and drive procurement strategies based on category management and spend analyses

A high level of integrity, trust and personal/professional ethics

Preferred

Experience in the Financial Sector and/or Banking is a plus

Benefits

Medical insurance

Dental insurance

Vision insurance

Life insurance

Long-term disability insurance

Flexible spending accounts (FSAs)

Health saving account (HSA) with company contributions

Voluntary coverages

401(k)

Company

Cathay Bank

Glassdoor3.1

Cathay Bank is a financial services company originally founded to support Los Angeles’ growing Chinese American community. It is a sub-organization of Cathay General Bancorp.

Founded in 1962

El Monte, California, USA

1001-5000 employees