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Vice President, Procurement Manager

Singapore, Singapore

Job Description:

About Bank of America:

Our purpose as a firm is to make financial lives better, through the power of every connection. Across the world, we partner with leading corporate and institutional investors through our offices in more than 35 countries. In the U.S. alone, we serve almost all of the Fortune 500 companies and approximately 67 million consumer and small-business clients. We provide a full suite of financial products and services, from banking and investments to asset and risk management. We cover a broad range of asset classes, making us a global leader in corporate and investment banking, sales and trading.

Connecting Asia Pacific to the World

Our Asia Pacific team is spread across 19 cities in 12 markets. We are focused on connecting Asia to the world and the world to Asia, using our global expertise to ensure success is shared between us, our clients and our communities. Our regional footprint covers 12 currencies, more than a dozen languages and five time zones, placing us firmly among the region’s leading financial services companies.

Position Description

Procurement Manager to lead the Human Resources (HR) end-to-end management of procurement and related risk management activities within the APAC Procurement Team.

Procurement Manager required within the APAC Procurement team, specialising in HR third parties related deals supporting the end to end management of procurement and related third party risk management activities.

As a Procurement Manager within the APAC Procurement team, you will be responsible for negotiating complex deals from inception to completion. This includes performing research to obtain market knowledge, using experience and data to develop and execute intricate procurement strategies, and assigning roles and responsibilities to BAC team members. Viewed as a trusted advisor by the Front Line Unit (FLU)/Control Function (CF), you are expected to be knowledgeable about the market place to maximize the competitive landscape in order to achieve significant cost savings. By leveraging current and future business requirements, market intelligence, and historical spend information, you will be expected to develop innovative category strategies that drive a simplified supply base, business value and cost reduction. Aside from procuring goods and services, a Procurement Manager also understands the end-to-end third party risk management lifecycle and ensures the FLU/CF is prepared to manage the risk of contracted goods and services. This will entail supporting FLU/CF personnel in effectively implementing the Third Party Policy, including FLU’s/CF’s effective use of third parties. You may also be responsible for supporting FLU/CF throughout the third party lifecycle, including third party governance activities and other program requirements.

Key Responsibilities

  • Knows how to negotiate contracts in accordance with best practices, assists the business owner in creating a SOW/SLA, providing clarity and addressing all LOB requirements, and facilitates the collection of additional data from vendor managers as required to support business needs
  • Able to use persuasion to build group consensus and resolve challenging situations
  • Has the ability to accurately interpret complex terminology used in constructing contractual documents
  • Possesses the ability to exercise good legal judgment in determining the terms and conditions that are in Bank of America’s best interest, assessing total impact of the contemplated agreement on the corporation
  • Able to 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
  • Able to structure all elements of an RFP (technical, contractual, schedule and cost) in order to ensure that uniformed bids are received
  • Capable of defining and influencing the category strategy to achieve business results
  • Is a tenacious proponent of minimizing risk, attaining best value (cost saves) and providing complete solutions
  • Ability to identify and escalate risks and issues to the appropriate governance routines.
  • Take personal ownership for managing risk well and be proactive in identifying and controlling risks, issues and concerns to help drive responsible growth.
  • Analyze and interpret FLU/CF’s level of adherence within program scorecards in order to identify potential themes and issues
  • Quickly adapt to changes within the Procurement Program and be able to communicate and reinforce program changes with the FLU/CF through effective change management routines and processes
  • Balance being an advocate for the Procurement Program and representing legitimate concerns from the FLU/CF
  • Work routinely with risk partners (Legal, Compliance, Ops, Info Sec, etc.) in negotiating deals and in managing outsourcing risk
  • Assist FLU/CFs in providing documentation/evidence when responding to audit and/or regulatory inquiries
  • Consistently provides a high level of service by establishing and clearly communicating mutual expectations, developing an understanding of FLU/CF needs and demonstrating competency and consistency in meeting commitments
  • Builds broad-based business relationships and partnerships across the organization, skillfully influences peers and colleagues to promote and sell ideas, and proactively surfaces and resolves conflict with minimal noise
  • In depth knowledge of your procurement category, supply base, market conditions, and sourcing principles
  • Proven ability to communicate, partner, and influence across a matrix organization and with senior executive stakeholders
  • Has the organizational skills to monitor work and keep it on track to meet or exceed commitments and consistently provides updates to the concerned parties
  • Must have good time management skills, be able to work independently, juggle concurrent projects, set goals, and prioritise focus
  • Able to advocate for the Third Party Program to internal stakeholders. Able to translate, interpret, and apply the principles of the Third Party Program into business situations. Uses business acumen to proactively generate ideas for improvements and anticipate areas of concern or opportunities.
  • Consistently strives to achieve responsible growth.  Thoroughly understands their processes and is constantly looking for ways to improve those processes.  Is intellectually curious and willing to speak up and challenge the status quo in a positive way; does so with the intent of improving the existing operating environment, increasing efficiency, and mitigating operational risk.

Key Requirements

  • Significant experience sourcing and contracting for, including but not limited to:
    • HR products and services such as employee insurance and non-insurance benefits, benefits administration, workforce development, relocation services, pension trustees and talent acquisition
  • Legal experience, while not required, would be a benefit
  • Previous experience, ideally within the Financial Services Industry
  • Have experience managing outsourcing and/or third party risk
  • Self-starter, with capability of working autonomously across multiple procurement projects is essential
  • Working knowledge of local law and outsourcing laws, rules, and regulations
  • Strong contract negotiation skillset
  • Sound commercial awareness and good analytical and research skills
  • Strong business acumen with current understanding of business drivers.
  • Comfortable with Sourcing systems (ideally Ariba) spreadsheets, presentations and project management.
  • Able to build understanding of the overall environment of technology within Global Procurement and how the various data inputs are utilized to provide aggregate reporting.  Autonomously operate within the tools & systems to turn data into information
  • Excellent communicator at all levels
  • Able to build and manage relationships with business partners across various teams
  • Excellent Customer Service Skills when dealing with stakeholders at all levels of the organization
  • Proactive, conscientious and high level of attention to detail
  • Able to navigate complex situations with minimal guidance and direction
  • Able to build trust and confidence with key stakeholders. Has credibility with and is able to successfully persuade a senior level audience on high complexity projects or activities and to build successful relationships with senior internal and external stakeholders.
  • Able to use logical arguments to deliver solutions, ideas, or conclusions.
  • Ability to tailor messaging based upon others' needs, motivations, or emotions.
  • Able to build relationships within the team to support a good team dynamic and collective success.
  • Effectively deals with ambiguity and adapts to changing circumstances
  • Looks for opportunities to create change, seeks functional alignment and has the ability to positively influence while balancing multiple and changing priorities.
  • In higher complexity situations: able to generate solutions and ideas acting on market intelligence and internal objectives
  • Ability to connect multiple sources of information to influence audience, if needed
  • Peer coaching and/or info-sharing of expertise with respect to the tools and techniques
  • Seen as a "Knowledge Builder" either formally or informally amongst their peers

Learn more about this role

Full time

JR-19077783

Manages People: No

Manager:

Talent Acquisition Contact:

Referral Bonus:

Check out the Singapore office

Our office is near favourite Seah Im Food Centre and a short hop to Sentosa—a popular island resort and home of the Merlion, Singapore’s guardian of prosperity.

Close-up side shot of the words Bank of America Merrill Lynch on outside office wall

Street Address

Primary Location:
2 HARBOURFRONT PLACE, #02-01, Singapore, 098499