Sourcing Analyst, Procurement

at  BMO Financial Group

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 the bank’s supplier spend.

• Executes work to deliver timely, accurate, and efficient service.
• Works with stakeholders to develop category and/or sub-category 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 end-to-end 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 end-to-end. 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 ad-hoc 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 may be on a business/group.
• Thinks creatively and proposes new solutions.
• Exercises judgment to identify, diagnose, and solve problems within given rules.
• Works mostly independently.
• Broader work or accountabilities may be assigned as needed.

QUALIFICATIONS

• Typically between 2 – 4 years of relevant strategic sourcing, supply chain and/or procurement work experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
• Knowledge of sourcing/procurement processes, procedures and controls - Good.
• Knowledge of relevant risk and regulatory requirements - Good.
• Knowledge of Sourcing in Financial Services or Technology industries - Good.
• Knowledge of business analysis, project delivery practices and standards across the project lifecycle - Good.
• Excel and spreadsheet analysis – Good.
• Negotiation knowledge, skill and ability – Good.
• Knowledge of sourcing and procurement systems and applications.
• Financial Services, Financial or Cost Management experience.
• Knowledge of the group/business environment and processes and procedures.
• Has experience in compiling, synthesizing and drawing insights from a variety of research sources.
• Specialized knowledge from education and/or business experience.
• Verbal & written communication skills - In-depth.
• Collaboration & team skills - In-depth.
• Analytical and problem solving skills - In-depth.
• Influence skills - In-depth.
  We’re here to help
  At BMO we have a shared purpose; we put the customer at the centre of everything we do – helping people is in our DNA. For 200 years we have thought about the future—the future of our customers, our communities and our people. We help our customers and our communities by working together, innovating and pushing boundaries to bring them our very best every day. Together we’re changing the way people think about a bank.
  As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.
  To find out more visit us at https://bmocareers.com .
  BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.