About State Street
Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability. We keep our clients at the heart of everything we do, and smart, engaged employees are essential to our continued success.
Our promise to maintain an environment where every employee feels valued and able to meet their full potential infuses our company values. It’s also part of our commitment to inclusion, development and engagement, and corporate social responsibility. You’ll have tools to help balance your professional and personal life, paid volunteer days, and access to employee networks that help you stay connected to what matters to you. Join us.
State Street is an Affirmative Action/ Equal Opportunity Employer/Vet/Disability.
Specific Responsibilities State Street is undergoing an organizational transformation that includes the Procurement function. Key objectives include standardizing and raising the quality of procurement processes across all business units and acquisitions, delivering on the expense management program by leveraging global spend and developing a robust supplier partnership program.
State Street is seeking a Vice President, Supplier Relationship Management is a critical leadership role within the Global Procurement function. This role is specifically responsible for enhancing and driving the vendor diversity program as well as managing the vendor relationships across the bank and ensuring that State Street maximizes the value between the front and back office.
In addition, this individual will run the entire vendor management program with the mandate to further strengthen State Street’s approach to managing all vendors’ relationships and to create a strong spend vs. value approach.
The VP will lead the development of the strategy and related initiatives and processes to ensure these relationships are maximized on behalf of the bank.
A key component of this role will be driving day-to-day execution of strategies, fostering required external relationships, developing internal working partnerships, building an enterprise-wide culture of stronger vendor/supplier partnerships, and driving innovation and growth opportunities. Additionally, it is expected that the VP will evaluate the number and type of vendors with the goal of reducing the number of overall relationships in order to maximize both spend and services.
Additional responsibilities include:
• Develop components and framework for an effective corporate-wide Supplier Relationship Management program. Own the policy and processes of said program and oversee its implementation with internal consumers of the services.
• Implement best practices and compliance to “raise the bar” on how supplier management and supplier innovation is done at State Street and ensure business, technical and stakeholder requirements, and expected operational and financial outcomes are achieved.
• Develop supplier scorecards and SLAs. Create blueprints for managing key vendor relationships, including supplier tiering, management framework (including supplier metrics), compliance and innovation. Implement quality scorecards with top 10 vendors.
• Collaborate with business units and functions to establish programs for high risk vendors (~900) including the enforcement of contractual obligations, better performance management, and quarterly business reviews.
• Advocate for and architect operational model changes based on supplier management processes and insights.
• Understand the Bank, its culture, and longer-term aspirations and continuously look to leverage external providers to advance this.
• In partnership with business unit and functional leaders, participate in high-level negotiations and comprehensive agreements with top vendors.
• Build a high performing Supplier Relationship Management team; manage, develop and motivate members to achieve objectives.
• Create a culture of understanding, awareness and alignment of the critical role that suppliers play in delivering State Street’s strategy to continuously improve overall execution and results.
Qualifications & Experience • Experience in a global supplier management, or relationship coverage leadership role demonstrating strong strategic and relationship management skills.
• Experience in designing, developing and executing structured supplier management programs; ideally the right individual will have significant experience in management of global, complex, supplier relationships at scale.
• 10 – 15 years of experience in leading industries with strategic supplier management, with organizations with scale/sales volume, geography and category complexity comparable to State Street
• Strong experience through direct past leadership roles with building and maintaining highly strategic relationships with service providers.
• Strong financial acumen.
• The ability to build strong rapport with senior business leaders across the business and the top vendor community.
• A strong execution-focus is necessary, but in addition to the ability to think strategically about the business and its changing needs. It is important that this individual has a general management mindset.
• Strategic agility needed to create competitive and breakthrough strategies and plans to achieve both short-term and long-term strategic objectives. The ability to anticipate future consequences and trends accurately and articulately paint credible pictures of future possibilities.
• The ability to communicate a compelling and inspired vision and sense of core purpose and future achievements that others want to enthusiastically buy into.
• A deep understanding of how businesses work with the ability to see the big picture and manage the business, taking into account a wide variety of metrics.
• The ability to be counted on to exceed goals and expectations on a regular basis and a willingness to steadfastly push self and others for results.
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