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Procurement & Sourcing, VP at State Street

Posted in General Business 30+ days ago.

This job brought to you by eQuest

Type: Full-Time
Location: Boston, Massachusetts





Job Description:

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, a critical leadership role within the Global Procurement function.  This role is specifically responsible for enhancing and driving the supplier diversity program as well as managing the supplier 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 supplier management program with the mandate to further strengthen State Street’s approach to managing all suppliers’ 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 suppliers 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 supplier relationships, including supplier tiering, management framework (including supplier metrics), compliance and innovation. Implement quality scorecards with top 10 suppliers. 

  • Collaborate with business units and functions to establish programs for high risk suppliers (~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 suppliers.

  • 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.

The Person


  • 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.

  • 7-10+ 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 supplier 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.


  • Outstanding leadership and communication skills.  Proven ability to lead, influence, train, coach and motivate others.

  • Forward thinking with the creativity and maturity to effectively challenge the status quo of existing business practices.

  • Ability to discern where to place efforts/actions to add the greatest value and maximum impact for the Bank.

  • Willingness to work in a matrix environment and to value the importance of teamwork.

  • Ability to develop relationships with a diverse group of stakeholders.

  • Excellent business intuition that can be validated by facts.

  • Client-focused approach to work.

In addition, we would expect that the right individual would meet the following criteria:


  • Highly Ethical – demonstrates the highest level of character and unquestionable integrity.

  • Decisive – seeks to build consensus and demonstrates an inclusive management style, but can be decisive when necessary.

  • Collaborative – must be seen as a role model for collaboration across the organization, and also be able to resolve differing or conflicting agendas in a tactful and diplomatic manner.

  • Self-Confident – demonstrates confidence, but with the maturity and humility to keep his/her ego in check.

  • Strong Communicator – excellent verbal and written communication skills are mandatory.

  • Strong Work Ethic – must have strong energy and drive and lead his/her team by example.