Vendor Management Specialist

6 months ago

Hamilton, United Kingdom Bermuda Monetary Authority Full time

**Description**:
**Vendor Management Specialist**
**Business and Operations Support Department**

The Bermuda Monetary Authority (Authority or BMA) is seeking the services of a skilled and capable individual to work as a Vendor Management Specialist in our Business and Operations Support Department. Reporting to the Deputy Director, the Vendor Management Specialist will be responsible for facilitating and maintaining relationships between the BMA and vendors/partners, assisting stakeholders with the negotiation and management of contracts, maintaining policies, procedures and required actions for the vendors, finding the best available vendors, controlling costs, assessing and reducing vendor associated risks and ensuring service delivery. The postholder will also be responsible for utilising available tools and technologies to gather, consolidate and communicate insights on vendor performance, promote data-driven decision-making within the organisation and ensure that the organisation’s interests are consistently protected.

**This is a key role for the Authority and the postholder will be responsible for but not limited to**:

- Establishing guidelines for both internal and vendor interactions, including processes, standards, and templates. Ensuring that owners of vendor relationships within the BMA follow policies and guidelines
- Analysing vendor spending patterns by category, cost centre and customer
- Maintaining tools for vendor management, emphasising tracking, analytics, and performance evaluation
- Classifying and optimising the vendor portfolio, prioritising the most strategic partnerships
- Identifying and capitalising on opportunities within key vendor relationships
- Evaluating the risk level of vendors considering their financial stability and reliance on third parties
- Conducting review meetings between the vendor and business unit to assess performance and ensure transparency in metrics
- Ensuring clarity in metrics for all Key Performance Indicators (KPIs)
- Resolving vendor services and supplies issues and keeping accurate and timely records of all orders and inventory
- Inspecting vendor products and ensuring their quality
- Assisting with the management of vendor billing and disbursements
- Researching the market and requesting bids from contractors
- Assisting business units in the development of Requests for Proposals (RFPs)
- Maintaining frequent and productive communication with vendors
- Establishing and maintaining procedures for contract management, performance evaluation, risk management and relationship maintenance
- Gathering reporting requirements and creating vendor scorecards and dashboards tailored to the Management Advisory Committee (MAC)
- Consolidating detailed vendor performance, risk management and vendor relationship reports and communicating findings to stakeholders. Promoting data-driven decisions based on these insights
- Performing other related work and special projects as assigned by management in accordance with competencies normally associated with this post

**The position requires a proven technical and business background. Therefore, the postholder must have**:

- A bachelor’s degree is required, preferably in business administration, business and supply chain management, finance, computer science, information technology or related field
- A minimum of five (5) years experience in supply chain sourcing, vendor relationship management, vendor performance management, assisting with negotiating and managing supply contracts and/or risk management within the financial services industry
- Experience in project management, business analytics and procurement would be a benefit
- Experience analysing vendor quotes, invoices and overall financial health would be an asset
- Capacity to prioritise tasks, manage multiple deadlines and responsibilities
- Ability to interact effectively with vendors, colleagues and Senior Management
- Ability to communicate effectively and efficiently in both written and verbal formats
- Experience in data analytics and data visualisation tools
- Familiarity with vendor management software, analytics tools, and other relevant technologies
- An understanding of basic statistics and proficiency in Excel
- Ability to align vendor management strategies with organisational goals

The Bermuda Monetary Authority is the integrated regulator of the financial services sector in Bermuda. We offer the opportunity for broad exposure to international regulatory issues, special projects and a variety of work experiences.
- Bermuda Monetary Authority is an Equal Opportunity Employer_
- Individual Excellence Collective Strength_

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