Procurement Analyst

Job Summary

The Procurement Analyst is responsible for executing sourcing and third-party risk management activities in line with industry best practices within Olympia. They will be responsible for managing the overall sourcing (RFx) process including market research, developing RFx documents, third party risk reviews, evaluation, and some contract negotiations in line with risk management best practices to drive overall value from contracts. This role will work closely with all Olympia business units and across multiple initiatives. The Procurement Analyst will ensure that the Olympia teams are following policies, processes, and applicable regulations.

Duties and Responsibilities

• Uphold the division and Olympia’s reputation and values, while promoting our motto “With Us, It’s Personal” in all interactions with employees, clients, and business associates.
• Develop the sourcing strategy, write the RFx, facilitate vendor questions and responses, facilitate vendor presentations, and assist with proposal evaluations
• Support or lead supplier negotiations of agreements
• Manage sourcing event timelines according to the schedule of events and adapt as appropriate to meet changing needs and requirements
• Ensure sourcing and contracting activities are properly aligned with the expectations of the business partners and Management team
• Ensure compliance to work standards, policies and procedures
• Actively participate and contribute information during preparation of the project procurement plan
• Support projects on the Procurement transformation roadmap as assigned and applicable
• Ongoing identification and analysis of supply markets and their key drivers (new market entrants/exits, competitive trends, innovations, substitutions/alternatives, input cost trends) to support broader category/portfolio strategies and specific sourcing activities
• Individual supplier research (i.e. financial health, capabilities, strengths, weaknesses, past performance, etc.)
• Assist with the Third-Party Risk Assessment process (including third-party segmentation, assigning questionnaires, and preliminary review of potential third-parties)
• Identify continuous improvement opportunities to facilitate costing savings, improved processes and / or enhanced services to business partners
• Update job knowledge by participating in educational opportunities
• Support the Continuous Improvement of the Risk team
• Enable a strong risk culture through action
• Stay informed about changes in regulatory requirements, industry trends, and emerging risks that may impact the organization.
• Flexible to perform various assigned tasks as requested by management and executives.

Competencies

• Connection - We build long-term relationships by collaborating with our clients and industry participants.
• Accountability - We are a trusted business partner operating with transparency and integrity.
• Innovation - We leverage technology to continuously improve how we serve our customers.
• Communication - Communicates well, delivers presentations, has good listening skills
• Decision Making - Able to reach decisions, takes thoughtful approach when considering options, seeks input from others, makes difficult decisions.
• Initiative - Takes action, seeks new opportunities, strives to see projects to completion
• Interpersonal Skills - Builds strong relationships, is flexible/adaptable, works well with others, solicits feedback.
• Quality of Work - Attention to detail, maintains documents in appropriate areas and proactively correcting errors, and bringing issues found in the system forward.
• Commitment to Excellence - Consistently striving for the highest standards

Formal education and experience

• Bachelor's degree in finance, economics, business administration, supply chain or a related field.
• 3+ years of experience in contract management and strategic sourcing within the financial services industry.
• IT sourcing experience an asset
• Proficiency with Microsoft Applications (including Excel, Outlook, and M365)
• Understanding of financial markets, products, and regulatory requirements.
• Understanding of third-party risk management principles and Risk management best practices

Specialized skills or knowledge

• Excellent analytical skills, with the ability to analyze complex data sets and identify key trends and insights.
• Strong communication and interpersonal skills, with the ability to effectively collaborate with internal stakeholders at all levels of the organization.
• Successful completion of a Criminal Background check is required.

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