FedNow Senior Strategic Sourcing Specialist
Company: CTI Education Group
Location: Boston
Posted on: February 25, 2021
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Job Description:
Job Description - FedNow Senior Strategic Sourcing Specialist
(266587) FedNow Senior Strategic Sourcing Specialist - 266587
Federal Reserve Bank of Boston Primary Location Full-time /
Part-time Full-time Employee Status Regular Overtime Status Exempt
Job Type Experienced Travel No Shift Day Job FedNow Senior
Strategic Sourcing
The Federal Reserve Bank
Boston, MA
FedNowSM
The future of payments is FedNow! The Federal Reserve Banks are
developing a new interbank 24x7x365 real-time gross settlement
(RTGS) service with integrated clearing functionality. This service
will be the first new business line for the Fed in 40 years and
will be transformative for United States Payments by allowing
nationwide access across more than 10,000 Banks. The new service
will allow financial institutions to deliver end-to-end faster
payment services to their customers. With the FedNow network, banks
will provide their customers the ability to send and receive
payments any time, any day, and have full access to those funds
within seconds. Such a service will also allow the ongoing
innovation of payments products offered by Banks, non-Banks and
FinTech companies.
Job Summary:
Coordinate and administer FedNow complex sourcing events, supplier
management and contract administration for projects with medium to
high risk exposure. These projects require a higher degree of
experience, knowledge and administration. You will be assigned
responsibility for handling specific relationships which have a
significant impact on the procurement operations, such as legal
liaison, supplier diversity, vendor management. Additionally, you
will provide guidance to other sourcing staff within the
procurement function.
Principal Responsibilities:
-----Develop strategies for the RFP process related to complex,
long-term acquisitions to support District customers, considering
the best solution to meet their needs within the System and
District guidelines.
-----Handle acquisition projects related to IT equipment,
enterprise-wide software licensing, application development,
facilities and maintenance services, application integration,
consulting services and other more complex commodity and service
acquisitions.
-----Analyze data supplied by the program teams, translating that
information into detailed requirements and acceptable bid
specifications. Prepare bids, process specifications, tests,
reports, and other exhibits for important and complex requirements.
Coordinate the vendor selection process. Manage timeline events
related to bid/proposal (meetings, amendments, and
notifications).
-----Collaborate and manage (when needed) business and management
workgroups related to the business line when selecting reliable
sources, evaluating bids, and ensuring compliance with
policies.
-----Lead negotiations with suppliers relative to new procurements,
changes to existing agreements or conditions and price and service
level arrangements. Mindful of the public role of the FRBB, ensures
that the Bank obtains goods and services that provide the best
value for the Bank. Employ negotiations on behalf of the Bank
wherever possible to ensure the best value for the Bank. Consider
budget and discretionary effects when considering acquisitions.
-----Work on special projects which have a significant impact on
the procurement operations, such as legal liaison, supplier
diversity, vendor management, NPO liaison support. Partner with
customers to promote diversity and inclusion in the acquisitions
process to strengthen the Bank's vision. Partner with NPO and serve
on teams/work groups.
-----Establish relationships with internal stakeholders, NPO and
Legal to better work with them in sourcing and contracting
opportunities. Develop strategies for internal customers to better
understand their role in the process. Develop and provide
communication of any documentation needed for business line
management review about the milestones, project status and steps
relative to each acquisition, providing a cradle to grave timeline
for major projects. Provide quarterly training sessions needed for
a better understanding of the procurement process. Influence
customer on sourcing opportunities and demonstrating the value
added. Build relationships with customers and peers in other FRBs.
Partner with NPO in national projects.
-----Look for opportunities to meet customers' needs and to provide
efficient solutions while following procurement policies. May
manage multiple complex projects at a time.
-----Demonstrate ability to analyze and use rigorous logic and
methods to solve difficult problems. Manage complex competitive
bidding processes and conduct complex analyses, including
price/cost analysis, benefit analysis, and financial analysis. Use
spend analysis to look for new sourcing opportunities.
-----Develop and monitor metrics. Use technology to locate
candidates for inclusion in acquisitions that address small
business and supplier diversity needs. Participate in maintenance
and support of departmental and System processes such as open
requisitions, open PO's contracts database, imaging. Seek
opportunities to use technology to enhance work performance.
-----Implement vendor management programs to ensure customers
receive the best value for their dollar.
Education:
-----Bachelor's degree in any business discipline and 5 or more
years of related work experience
Knowledge & Experience:
-----Relationship management
-----Experience with rigorous bidding processes
-----Experience with eProcurement and eSourcing tools
-----Knowledge of generally accepted acquisition policies,
procedures, contractual terms and conditions
-----Expertise in achieving assigned results
-----Broad experience across Risk, Legal, Accounting, and PMO
-----Payments industry knowledge or technical expertise
preferred
-----Experience in handling and resolving disputes
-----Data skills with some understanding of financial modeling, and
knowledge of typical incentive and pricing structures for
externally procured services
-----Excellent verbal and written correspondence including
negotiation, and guidance
Our total rewards program offers benefits that are the best fit for
you at every stage of your career:
-----Comprehensive healthcare options (Medical, Dental, and
Vision)
-----401K match, and a fully funded pension plan
-----Paid vacation and holidays; flexible work environment, healthy
workflow
-----Generously subsidized public transportation
-----Annual tuition reimbursement
-----Professional development programs, training and
conferences
-----And more---
The Federal Reserve Bank is committed to a diverse, equitable and
inclusive workplace and to provide equal employment opportunities
to all persons without regard to race, color, religion, national
origin, sex, sexual orientation, gender identity, age, genetic
information, disability, or military service.
All employees assigned to this position will be subject to FBI
fingerprint/ criminal background and Patriot Act/ Office of Foreign
Assets Control (OFAC) watch list checks at least once every five
years. All candidates must undergo an enhanced background check and
comply with all applicable information handling rules.
The above statements are intended to describe the general nature
and level of work required of this position. They are not intended
to be an exhaustive list of all duties, responsibilities or skills
associated with this position or the personnel so classified. While
this job description is intended to be an accurate reflection of
this position, management reserves the right to revise this or any
job description at its discretion at any time.
Keywords: CTI Education Group, Boston , FedNow Senior Strategic Sourcing Specialist, Accounting, Auditing , Boston, Massachusetts
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