Senior Procurement Specialist
Bank of America Corporation
London
8d ago

Corporate Title : Vice President

Location : London

Line of Business : Chief Administration Office

Here in our London office we are looking for dedicated a Senior Procurement Specialist to join the EMEA Technology Sourcing team, specialising in Market Data to support in the end to end management of procurement and related risk management activities.

As a Senior Procurement Specialist, you will negotiate deeply complex acquisitions from the inception to completion. You will perform market research to obtain market knowledge, use experience to develop intricate negotiation strategies and assign roles and responsibilities to team members.

You will possess the skills required to refine and detail requirements documents. You will be considered a trusted advisor by LOBs (Line of Business) and a respected adversary by the vendor managers, who has the knowledge to maximise the marketplace even when faced with the source-

directed mentality, and also has the ability to achieve significant cost savings in sole-source procurement situations.

You shall require little or no mentorship from more senior members of the team and understands most issues relating to risk and how to mitigate it.

You will demonstrate the ability to administer complex contractual activities through the full life-cycle. Your subject matter expertise is very broad with a capability to handle any commodity or LOB / business unit independently, and you will be a valuable internal resource to the rest of the Sourcing team.

What will your main responsibilities involve?

  • Negotiate contracts in accordance with standard methodologies, assist the business owner in building a SOW / SLA, providing clarity and addressing all LOB requirements, and facilitate the collection of additional data from vendor managers as required to support business needs
  • Use persuasion to build group consensus and resolve challenging situations
  • Accurately interpret complex terminology used in constructing contractual documents
  • Exercise good legal discernment in settling terms and conditions that are in Bank of America’s best interest, assessing total impact of the contemplated agreement on the corporation
  • Lead a team in the development of complex proposal documents and is proficient in the objective analysis of proposal responses, the identification on non-
  • conforming items and the interview of potential service providers

  • Structure all elements of an RFP (technical, contractual, schedule and cost) in order to ensure that uniformed bids are received
  • Develop processes for selection criteria and weighting of applicable criteria
  • Perform effective cost price analysis on complex proposals and effectively communicate inconsistencies with to the bidders
  • Capable of defining and influencing the supply strategy to achieve business results
  • Maintain a positive and professional attitude towards work assignments, LOBs, co-workers and suppliers
  • Consistently provide an elite level of service by establishing and clearly communicating mutual expectations, developing an understanding of LOB needs, and demonstrating competency and consistency in meeting dedications
  • Build Partnerships - Build broad-based business relationships across the organisation. Skilfully influences peers and colleagues to promote and sell ideas.
  • Dedicatedly surfaces and resolves conflict with minimal noise

  • Coordinate and lead complex sourcing event projects; lead multiple events concurrently
  • Excellent interpersonal skills to convey concepts and ideas both verbally and in written form, including, but not limited to, e-
  • mails, narratives in Ariba, white papers and presentations

  • Has the organisational skills to monitor work and keep it on track to meet or exceed dedications, and consistently provides updates to the concerned parties and performs all tasks in a timely manner
  • Acts as a valued advisor, exhibiting respect and professionalism to LOBs and affected support partners. Is a tenacious proponent of minimising risk, attaining the best value (cost saves) and providing complete solutions.
  • Entrusted with completing the deal within the agreed timeframe, and streamlining the process

  • Comfortable interacting with Senior Management teams throughout the organisation
  • You can work independently and set goals / prioritised focus and time management skills
  • Ability to work well on a team, as well as handle multiple priorities in quick time frames and requires all levels of participants to work together cooperatively
  • What skills and qualifications will you ideally possess?

  • Deep knowledge of Technology category, supply base and market conditions and mastery level sourcing principles
  • Having a recognised diploma and / or working towards a full professional qualification such as CIPS would be helpful
  • Significant sourcing or legal experience within the Market Data Category would be helpful
  • Previous experience, ideally within the Financial Services Industry
  • Self-starter, with capability of working autonomously across multiple procurement projects is critical
  • Excellent working knowledge of UK law and relevant procurement legislation.
  • Sound commercial awareness and good analytical and research skills.
  • Comfortable with Sourcing systems (ideally Ariba) spreadsheets, presentations and project management
  • Dedicated, conscientious and high level of attention to detail.
  • Demonstrable ability to communicate, partner and influence across a matrix organisation
  • About Bank of America Merrill Lynch

    Bank of America is one of the world's leading financial institutions, serving individual consumers, small- and middle-market businesses, large corporations and governments with a full range of financial and risk management products and services.

    Bank of America Merrill Lynch is the marketing name for the global banking and markets businesses.

    The company has had a presence in EMEA since 1922. With offices in 23 countries on three continents, it offers an integrated and comprehensive set of products and services across Global Corporate and Investment Banking, Global Markets and Consumer Card, serving the needs of individual, corporate, institutional and government clients, combining the best of local knowledge and global expertise.

    Developing solutions for social and environmental challenges is at the core of Bank of America Merrill Lynch’s responsibility platform.

    In more than 90 countries around the world, we partner with employees, clients and stakeholders to help make financial lives better.

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    If you re interested in this opportunity please send your details to us by applying online.

    Good conduct and sound judgment is crucial to our long term success. It’s important that all employees in the organisation understand the expected standards of conduct and how we manage conduct risk.

    Individual accountability and an ownership mindset are the cornerstones of our Code of Conduct and are at the heart of managing risk well.

    We are an equal opportunities employer, and ensure that no applicant is subject to less favourable treatment on the grounds of gender, gender identity, marital status, race, colour, nationality, ethnic or national origins, age, sexual orientation, socio-

    economic background, responsibilities for dependants, physical or mental disability. The Bank selects candidates for interview based on their skills, qualifications and experience.

    As part of our standard hiring process to manage risk, please note background screening checks will be conducted on all hires before commencing employment.

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