What are the responsibilities and job description for the Vendor Management Specialist III position at Navy Federal Credit Union?
Overview
To manage relationships with vendors and business stakeholders. Assist with issue escalations and monitor vendor performance to ensure compliance with contracts and service level agreements. Identify opportunities to consolidate services for cost savings. Serve as subject matter expert for business functions, systems, policies and / or procedures. Provide support analyzing procurement and vendor data, producing KPIs and providing detailed reports. Responsible for high value / impact contracts and determined by business unit standards.
Responsibilities
- Lead vendor relationship improvement through cross-functional collaboration, project support and data analysis
- Analyze financial and operational results, investigate variances, and communicate findings to management; develop management presentations as needed
- Analyze and research best practices, providing actionable recommendations to support continuous improvement of Vendor Management policies, procedures and guidelines; assist in implementation and enforcement
- Review contract terms and conditions, renewal / termination provisions and evaluate vendor performance to make and support recommendations for low risk contracts and vendors
- Evaluate and interpret invoices, onboarding and other applicable vendor documents to determine acceptability based on business unit needs and industry standards; prepare vendor documents and reports
- Review and audit vendor documents to ensure compliance with applicable federal and state laws, rules, regulations, and NFCU policies and procedures
- Lead risk assessments with moderate to high impact, collaborating with Internal Audit, Compliance, and business units to ensure assessments are completed, documented, and recommendations implemented as needed; assist leadership with risk assessments as needed
- Develop and implement metrics and SLAs for assigned contracts / vendors, including surveys, scorecards, etc. to track vendor performance; monitor performance and make recommendations; assist higher level staff / leadership in developing metrics and SLAs for high impact contracts / vendors
- Maintain records of qualified vendors for services within assigned area of responsibility; resolve vendor risk and compliance issues with moderate impact
- Resolve high impact payment and interpretive differences between assigned vendors and business units; escalate high risk or contractual related issues for high impact contracts to appropriate staff or leader level
- Serve as SME liaison between Vendor Management team, business unit clients and internal and external vendors; develop and maintain relationships with clients and; provide SME guidance and issue resolution as needed
- Inspect deliverables, budgets and financial statements, applicable license requirements, insurance, etc., to ensure vendors maintain key service provider status
- Analyze vendor utilization, goods and services provided and provide recommendations to higher level staff and / or leadership for contract modifications
- Assist in researching new vendor relationships based on business requirements / needs; assist higher level staff in preparing RFPs
- Research and analyze business unit requirements to ascertain if vendor coverage is sufficient to meet production level requirements
- Develop and implement procedural documents and job aids for internal and business client use
- Maintain knowledge of applicable federal and state laws, rules, regulations, and NFCU policies and procedures
- Track and approve invoices for assigned high value / impact contracts, including reviewing invoices for accurate costing and charges, communicate with vendors and Accounts Payable to resolve discrepancies, approval to pay, and escalation of disputes as required (posted to correct GL / CC); initiate requisitions and / or Purchase Orders
- Track actual spend to budget; collaborate with business units and vendor manager to advise on spend
- Perform other duties as assigned
Qualifications
Desired Qualifications
Hours : Monday - Friday, 8 : 00AM - 4 : 30PM
Locations : 820 Follin Lane, Vienna, VA 22180 | 5550 Heritage Oaks Drive, Pensacola, FL 32526 | 141 Security Drive, Winchester, VA 22602 | 9999 Willow Creek Road, San Diego, CA 92131 | 295 Bendix Rd Suite 250, Virginia Beach, VA 23452 | 11270 St Johns Industrial Parkway, South Jacksonville, FL 32246 | 9001 Airport Freeway 9th Floor Suite 925, North Richland Hills, TX 76180 | 4 Concourse Pkwy, Suite #100 Sandy Springs, GA 30328
About Us
Navy Federal provides much more than a job. We provide a meaningful career experience, including a culture that is energized, engaged and committed; and fierce appreciation for our teams, who are rewarded with highly competitive pay and generous benefits and perks. Our approach to careers is simple yet powerful : Make our mission your passion.
