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Sourcing Associate

3 months ago

Toronto, Ontario, Canada BMO Financial Group Full time
55 Bloor Street West Toronto Ontario,M4W 3N5


Works with stakeholders to develop and implement innovative sourcing and demand management strategies to achieve business and cost management objectives and minimize risk associated with BMO's supplier spend.


  • Manages and implements sourcing strategy projects throughout their lifecycle, leveraging appropriate systems and tools to ensure accurate and up to date reporting on project progress and issues. Includes competitive events and conducting supplier contract negotiations.
  • Manages sourcing category/supply chain initiatives endtoend.
  • Conducts analysis to inform strategic recommendations; develops business cases to assess opportunities.
  • Supports the execution of strategic initiatives in collaboration with internal and external stakeholders.
  • Provides market assessment to identify preferred suppliers.
  • Perform Initial Supplier Risk Assessment
  • Plans and conduct sourcing events (e.g. RFI, RFP, contract negotiation/renewal, etc.)
  • Supports the development and promotion of a business/group program.
  • Gather industry knowledge and communicate market trends affecting the assigned spend categories proactively to internal stakeholder.
  • Works with stakeholders to develop category and/or subcategory sourcing strategies/opportunities, supplier selection, due diligence and contract negotiations while achieving targeted savings and business objectives.
  • Builds effective relationships with internal/external stakeholders and ensures alignment between stakeholders. Includes developing an understanding of business partner needs and expectations.
  • Provides advice and guidance to assigned business/group on implementation of solutions concerning category and supplier strategies, including the endtoend risk management requirements associated with Outsourcing and Supplier Risk (OSR).
  • Applies a disciplined methodology and procurement policies to the procurement of goods and services.
  • Conducts analysis and develops insights and recommendations that are actionable in alignment with project/program goals.
  • Develops solutions and makes recommendations based on an understanding of the business strategy and stakeholder needs.
  • Collaborates in the management of sourcing category initiatives endtoend. Identifies areas of opportunity through analyses of industries and supply markets, cost models for products and services, supplier category spend, and the performance of key suppliers in the market.
  • Work with suppliers to create value/savings and mitigate risk.
  • Incorporates market leading process and practices, to mitigate risk, to drive innovation and to maximize overall value for assigned sourcing categories and portfolios.
  • Identifies, develops and implements demand management and cost reduction opportunities, optimizes sourcing strategies, identifies and mitigates supplier risk and negotiates effective controls all through the supplier engagement process.
  • Prepares project plans and keep key stakeholders informed of the process and progress.
  • Manage multiple programs/projects simultaneously and resolve conflicting priorities and objectives.
  • Designs and produces regular and adhoc reports, and dashboards.
  • Uses performance measures to monitor and track performance, and address any issues.
  • Builds change management plans of varying scope and type; leads or participates in a variety of change management activities including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives.
  • Maintains knowledge of leading procurement practices and promote adoption of procurement standards.
  • Continuously upgrade knowledge on event and sourcing methodologies with a specific focus on strategic category development.
  • Effectively communicate key messages/recommendations/results to all managerial levels.
  • Provides input into the planning and implementation of operational programs.
  • Focus is primarily on business/group within BMO; may have broader, enterprisewide focus.
  • Exercises judgment to identify, diagnose, and solve problems within given rules.
  • Works independently on a range of complex tasks, which may include unique situations.
  • Broader work or accountabilities may be assigned as needed

Qualifications:

  • Typically between 12 years of relevant strategic sourcing, supply chain and/or procurement work experience and postsecondary degree in related field of study or an equivalent combination of education and experience.
  • Knowledge of sourcing/procurement processes, procedures and controls
  • Indepth.
  • Knowledge of relevant risk and regulatory requirements
  • Indepth.
  • Knowledge of Sourcing in Financial Services or Technology industries
  • Indepth.
  • Knowledge of business analysis, project delivery practices and standards across the project lifecycle
  • Indepth.
  • Excel and spreadsheet analysis
  • Indepth.
  • Negotiation knowledge, skill and ability
  • Indepth.
  • Financial Services, Financial or C