Procurement Manager

  • Competitive
  • London, England, United Kingdom London England GB
  • Permanent, Full time
  • Bank of America Merrill Lynch
  • 15 Jul 18 2018-07-15

Procurement Manager

Job Description:
Corporate Title: Vice President
Location: London
Line of Business: Chief Administration Office

Here in our London office we are looking for a Procurement Manager to support professional services (e.g. consultancy) for all businesses and directly support HR Staffing, Corporate Audit, Legal while providing end-to-end management of procurement and related risk management activities within the EMEA non-technology Procurement Team.

You will handle the negotiation of 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 improve the competitive landscape in order to achieve significant cost savings.

By bringing to bear current and future business requirements, market intelligence, and historical spend information, you will be expected to develop creative 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 handle 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.

What will your main responsibilities involve?

  • Negotiate contracts in accordance with standard methodologies, assists the business owner in building a SOW/SLA, providing transparency and addressing all LOB requirements, and facilitates the collection of additional data from vendor managers as required to support business needs
  • Use persuasion to build group consensus and resolve challenging situations
  • Interpret complex terminology used in constructing contractual documents
  • Exercise good legal discernment in settling terms and conditions that are in Bank of America's best interest, assessing total impact of the contemplated agreement on the corporation
  • 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
  • Structure all elements of an RFP (technical, contractual, schedule and cost) in order to ensure that uniformed bids are received
  • Defining and influencing the category strategy to achieve business results
  • Minimising risk, attaining the best value (cost saves) and providing complete solutions
  • Ability to identify and call out risks and issues to the appropriate governance routines
  • Analyse and interpret FLU/CF's level of adherence within program scorecards to identify potential themes and issues
  • 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 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 handling outsourcing risk
  • Assist FLU/CFs in providing documentation/evidence when responding to audit and/or regulatory inquiries
  • Provide an elite service by establishing and clearly communicating mutual expectations, developing an understanding of FLU/CF needs and demonstrating competency and consistency in meeting dedications
  • Build broad-based business relationships and partnerships across the organisation, skillfully influences peers and colleagues to promote and sell ideas, and dedicatedly surface and resolve conflict with minimal noise
  • Have deep knowledge of your procurement category, supply base, market conditions, and sourcing principles

What skills and qualifications will you ideally possess?
  • CIPS qualification a preference but not required
  • Significant experience sourcing for HR staffing/talent acquisition, legal and professional services (e.g. consulting, tax etc.) categories
  • Legal experience, while not required, would be helpful
  • Previous experience, ideally within the Financial Services Industry
  • Have experience handling outsourcing and/or third party risk
  • Self-starter, with capability of working autonomously across multiple procurement projects is critical
  • Working knowledge of local law and outsourcing laws, rules, and regulations
  • Excellent contract negotiation skillset
  • Sound commercial awareness and good analytical and research skills
  • Comfortable with Sourcing systems (ideally Ariba) spreadsheets, presentations and project management
  • Excellent communicator at all levels
  • Able to build and maintain relationships with business partners across various teams
  • Dedicated, conscientious and high level of attention to detail


About Bank of America Merrill Lynch
Bank of America is one of the world's leading financial institutions, serving individual consumers, small- and middle-market businesses, large corporations and governments with a full range of financial and risk management products and services. Bank of America Merrill Lynch is the marketing name for the global banking and markets businesses.
The company has had a presence in EMEA since 1922. With offices in 23 countries on three continents, it offers an integrated and comprehensive set of products and services across Global Corporate and Investment Banking, Global Markets and Consumer Card, serving the needs of individual, corporate, institutional and government clients, combining the best of local knowledge and global expertise. Developing solutions for social and environmental challenges is at the core of Bank of America Merrill Lynch's responsibility platform. In more than 90 countries around the world, we partner with employees, clients and stakeholders to help make financial lives better.

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