Vice President Sourcing and Procurement

Company Overview

Innovative Bancorp is a leader in financial services with over two decades of experience fostering innovation across various sectors including Fintech Solutions, Institutional Banking, and Commercial Lending. Our mission is to empower businesses—ranging from startups to Fortune 500 firms—with cutting-edge technology and banking services to drive growth and success.

Role Summary

The Vice President of Sourcing and Procurement will provide strategic leadership and governance over all sourcing, vendor management, and procurement activities. This position focuses on crafting global sourcing strategies, enhancing supplier relations, maintaining strict compliance with legal and corporate policies, and realizing cost efficiencies while upholding quality, risk management, and service excellence. This role collaborates extensively with departments such as Third Party Risk Management, Legal, Compliance, Finance, HR, Operations, Facilities, and IT.

Key Duties

• Oversee vendor relationships, primarily with IT suppliers, ensuring a cost-efficient and high-quality procurement process that aligns with organizational needs. Coordinate with business leaders to consolidate vendors and achieve optimal pricing and services.
• Develop and implement long-term strategic purchasing plans in partnership with business units; establish and manage procurement policies and vendor management guidelines.
• Create executive-level summaries and presentations analyzing corporate cost structures, service quality, and delivery metrics, highlighting areas of improvement and providing actionable recommendations.
• Conduct supplier research and evaluations, including interviews and quote analyses to select optimal vendors, subsequently advising senior management on supplier decisions.
• Lead negotiations to secure favorable pricing arrangements for purchased goods and services.
• Offer consultative support to management on purchasing standards and vendor assessments, ensuring compliance with controls including vendor diversity and IT procurement policies.
• Track contract lifecycle events such as renewals and expirations, develop contractual standards with performance indicators, and manage a central contract repository for timely updates.
• Supervise contract renewal and associated administrative tasks, mediate issue resolutions through coordination with internal stakeholders, and ensure thorough contract approvals and signatures.
• Manage Request for Proposal (RFP) and Request for Information (RFI) processes originating from business units.
• Monitor supplier performance against contractual terms to confirm service level agreements are met; follow up with vendors and internal teams as necessary.
• Perform additional roles as required.

Required Qualifications and Skills

• In-depth understanding of vendor contracts and legal terms.
• Strong analytical capabilities and sound decision-making skills.
• Exceptional attention to detail with a consistent history of delivering quality outcomes.
• Proven leadership skills in driving teams toward shared objectives.
• Excellent oral, written, and interpersonal communication proficiency.
• A collaborative team player capable of managing multiple tasks effectively within a team-oriented environment.
• Advanced proficiency in Microsoft Office applications such as Excel, PowerPoint, Word, and Outlook.
• Ability to work without travel requirements.

Educational and Professional Background

• Bachelor's degree or equivalent combination of education and experience.
• Minimum of eight years' experience in sourcing and procurement roles.

Additional Details

This position will remain open for applications for at least five days from the posting date. Salary ranges are based on national market data and may vary by location. Compensation is competitive and reflects individual qualifications and experience. Candidates are encouraged to apply if they meet the criteria.

Our company fosters an inclusive culture and is an Equal Opportunity Employer, prohibiting discrimination based on race, gender, religion, sexual orientation, disability, and other protected statuses. Employment requires successful completion of background checks including credit, criminal, education, and employment verifications.