VP, Supplier Sourcing Manager, Risk Management

COMPANY DESCRIPTION:  Forbright is a nationwide full-service bank and lender helping accelerate the transition to a sustainable and low-carbon economy. Headquartered in Chevy Chase, Maryland, Forbright is committed to accelerating the transition to a sustainable economy by financing visionary leader in clean energy, healthcare, technology, financial services, real estate, and other industries with extraordinary service.

COMPANY CULTURE:  We are a dynamic, high energy, fun, and fast-paced organization that has an exciting growth trajectory, meaningful mission, and embedded responsible environmental, social, and governance (ESG) practices into our daily interactions. We offer our team members a culture of collaboration, inclusion, flexibility, recognition, and giving back. We look to hire individuals that are passionate about our mission, and who are motivated, customer and results-oriented, innovative, adaptable, and thoughtful.

COMPANY MISSION:  We are a mission-driven institution with an uncommon commitment to decarbonization and sustainability. As the need to build a more sustainable, low-carbon economic system grows increasingly urgent, we are dedicating capital to financing the companies, investors, and innovators driving that change. We are reimagining how a bank should operate in a changing world.

JOB SUMMARY:  The VP, Supplier Sourcing Manager, Risk Management is responsible for supporting the third party selection process, evaluating new requests against existing vendors to maximize value, building partnerships with third party suppliers, negotiating minimum standard contract terms, monitoring payment against the contracted amount, keeping records of all contracting steps from pre-contract to renewal or termination phases in the process. 

DUTIES AND RESPONSIBILITIES:

• Assist with the third party selection process as a service offered to the business in finding the best-fit vendor based on research and review of existing vendors
• Enhance requirements and oversee competitive bid processes, including RFPs, RFIs, and RFQs
• Lead internal business groups and teams through the vendor evaluation and selection process
• Negotiate with new and existing suppliers on price, quality, and delivery terms regarding services and products
• Review and negotiate contracts with terms and conditions to comply with industry standards and manage the company’s risks and obligations
• Build relationships with existing and new vendors to optimize cost and value
• Identify opportunities for consolidation or expansion through a review of vendors used by multiple business groups
• Collaborate with the finance department for on-going supplier spend monitoring:
• Partner with the finance team to develop reporting to track contracted amounts against invoices
  • Manage controls around invoices vs contract status
  • Align on the categorization of vendors, tracking spending against targets by category
• Execute operational components of contract management:
  • Develop processes and procedures for accurate and complete contract inventory
  • Manage the process of contract renewals to ensure minimal contract requirements are met, value is maximized, and the cost is reviewed
  • Introduce sourcing analytics to offer insights into spending by category and the correlation between spend vs benefits/goals reached

QUALIFICATIONS:

• Bachelor's Degree or equivalent education and experience required
• 5+ years of proven work experience in a sourcing or procurement function required
• Ability to negotiate, develop relationships, resolve conflicts with suppliers, and build strong partnerships
• Strong project management skills 
• Mid- to-large bank experience 
• Working knowledge and comfort with third party banking regulations 

POSITION REQUIREMENTS:  The requirements described are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable employees to perform the essential functions. Work is conducted primarily in an office; however, some positions may be conducted remotely via technology. While performing duties of this job, the employee may be regularly required for prolonged periods of time to:

• Sit or stand at a desk
• Utilize a computer monitor with visual acuity
• Operate technology and other office machinery such as printers, fax machines, scanners, etc.
• Communicate clearly both verbally and in writing with others

The pay range for this position is below. The specific rate will depend on the successful candidate’s qualifications and prior experience. $171,000 (entry level qualifications) to $209,000 (highly experienced).
 

ADDITIONAL DUTIES: For Forbright Bank to remain efficient and nimble as a growing organization, team members are expected to exhibit a high level of flexibility regarding any duties that may be situationally assigned outside of this job description.

PERKS/BENEFITS:

• Comprehensive health, dental, and vision plans
• 4 weeks PTO
• 401k + company match
• Metro SmartTrip benefits ($50/mo)
• Remote or hybrid work schedules for most positions
• Bonuses for purchasing solar panels, electric vehicles, biking to work, etc.
• Paid subscriptions to Veterans Compost, Imperfect Foods, and more!
• Best Workplaces for Commuters 2023 & 2024 winner
• The Washington Post Top Workplaces 2023 winner
• American Banker Best Banks to Work For 2023 winner

It is the policy of Forbright Bank to provide equal employment opportunities to all qualified individuals and to administer all aspects and conditions of pre-employment and employment without regard to protected characteristics.