Sourcing Specialist Sourcing Specialist …

Federal Reserve Bank of Boston
in Boston, MA, United States
Permanent, Full time
Be the first to apply
Federal Reserve Bank of Boston
in Boston, MA, United States
Permanent, Full time
Be the first to apply
Sourcing Specialist
FedNow Senior Strategic Sourcing Specialist

FedNow Senior Strategic Sourcing
The Federal Reserve Bank
Boston, MA

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.

 Bachelors 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.

Primary Location: MA-Boston
Work Locations:
Organization: Federal Reserve Bank of Boston
Schedule: Full-time
Job Type: Experienced
Shift: Day Job
Travel: No
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