Contracts and Strategic Sourcing Analyst at Federal Reserve Bank (FRB) in Richmond, Virginia

Job Description:

Company

Federal Reserve Bank of Richmond

At the Richmond Fed, we’re driven by our mission to strengthen the economy and our communities. We take great pride in what we do and it impacts everyday people every day.

When you join our team, you’ll become part of a culture that welcomes differences, cares about our communities, and empowers each other to lead from where we are to make things better.

Bring your passion and we’ll provide challenging and purposeful careers in a variety of fields, opportunities to grow and a wide range of benefits and perks that support your health and wealth. It’s all part of what makes #MyRichmondFed a great place to work!

The Federal Reserve Bank of Richmond has an immediate opening for a Contracts and Sourcing Analyst within the local District Procurement organization. You will support or lead the strategic sourcing lifecycle, executing targeted sourcing strategies for business partners and assigned product categories.  In this role, you will help to transform the traditional procurement model by forging value-added partnerships with business stakeholders. You will also collaborate with the National Procurement Office, Legal, Vendor Management, and Supplier Diversity teams to develop contracts that meet stakeholder requirements and achieve organizational cost savings goals.  You will work independently and serve as an ambassador and primary point of contact for assigned business partners. You will use strategic sourcing best practices to balance value, demand management, risk reduction, supplier performance, and contract and category management.  You will report to a Senior Manager.

What You Will Do:

• Support procurement, sourcing and contract management activities including the review and development of contract specifications, bid documents (i.e. RFIs, RFQs, RFPs), and negotiation strategies for District acquisitions in categories such as facilities and maintenance services, construction, human resources related services, consulting services, IT equipment, software licensing, and other services.


• Serve as a point of contact to assigned internal business lines.  Build and maintain a deep understanding of the business line priorities, risks, and responsibilities to identify key strategic sourcing opportunities.  Partner with key stakeholders to understand internal requirements, review supplier performance, and build sourcing and renewal strategies to achieve targeted savings goals.


• Maintain knowledge of related policies and procedures and answers inquiries regarding procedural guidelines, contract statuses, approvals, and supporting documentation.


• Track contract/procurement schedules and time constraints to ensure compliance.  Review and analyze related financial/budgetary items, generate required and ad hoc reports, identify and report disparities, and research relevant information.


• Assist in performing price/cost analysis.


• Perform basic contract administration tasks.


• Collaborate across the local Procurement organization as well as the other procurement teams across the Federal Reserve System. 


• Collaborate with Legal to develop and refine contracts and contract language; ensure that documents are clear, concise, and meet legal obligations.

Qualifications:

• Excellent analytical ability.


• Strong attention to detail with a high level of data integrity and accuracy.


• Ability to identify critical disparities and/or redundancies in legal documentation and report compliance concerns, and seek and take direction on moderately complex issues.


• Proficient in oral and written communication.


• Fundamental knowledge of the principles of data collection, analysis, and acquisition guidelines.


• Strong interpersonal skills and ability to work with people at all levels of the organization.


• Proficient computer skills including Microsoft Outlook, Word, Excel, and PowerPoint along with various other online applications, as needed for the role.


• 1 - 3+ years of relevant work experience.


• Bachelor’s degree in business administration, supply chain management, accounting / finance, or related discipline preferred.

Discover the Reason Why So Many People Love It Here!  

When you join the Richmond Fed, not only will you find a challenging and purposeful career, you’ll also have access to a wide range of benefits and perks that support your health and wealth, including:  

• Great medical benefits 


• Pension and 401(k) with employer match 


• Generous paid time off 


• Tuition reimbursement 


• Employee resource networks 


• Paid volunteer leave 


• Flexible work options 


• Onsite amenities that make working here fun 

Other Requirements and Considerations:  

• Candidates should review the Bank’s Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions. The Code is available on the About Us, Careers webpage at www.richmondfed.org. 




• Sponsorship is not available for this role.  




• Selected candidate is subject to special background check procedures. 




• The hiring range for this position is $57,200 - $78,650 annually. 




• Salary offered will be based on the job responsibilities and the individual’s knowledge, skills, and experience as defined in the job qualifications/experience.




• The Fifth District provides a hybrid work environment.  This position is required to be onsite on Tuesday, Wednesday, and Thursday each week.



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  Interested candidates are strongly encouraged to apply by April 17, 2024.  Applications are reviewed on a rolling basis.

  
  
  
  

US Citizenship or US Permanent Resident status is required. 

The Federal Reserve Bank of Richmond provides equal opportunity to all individuals without regard to race, sex, color, religion, gender identity or expression, sexual orientation, national origin, age, disability, or genetic information. 

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Procurement/Vendor Management

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

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