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Full-Time

Vendor Relationship Manager

Posted on 10/23/2024

BECU

BECU

1,001-5,000 employees

Not-for-profit credit union offering banking services

Financial Services
Education

Compensation Overview

$110.9k - $135.6kAnnually

+ Performance-based incentives

Senior

Remote in USA

Category
Project Management
Strategy Development
Strategy Research
Business & Strategy
Required Skills
Market Research
Requirements
  • Bachelor’s degree or equivalent experience required. Degree in business-related field preferred.
  • Minimum 5 years of experience in vendor risk management, strategic sourcing, third-party risk assessment, account management, or other relevant experience.
  • Experience with financial institutions and regulatory environments.
  • Understanding of vendor agreements, including MSAs, SOWs, and SLAs required.
  • Experience in developing category strategies, negotiation, and supplier relationship management (SRM/VRM).
  • Program management experience.
  • Demonstrated analytical skills and the ability to transform data into clear and relevant information required.
  • Demonstrated ability to manage conflict and negotiations effectively required.
  • Demonstrated experience leading the application of best practice vendor relationship management skills.
Responsibilities
  • Develop a strategic approach for impactful vendor relationship and performance management, tailored to BECU’s regulatory and operational landscape.
  • Create segmentation strategies based on vendor alignment and criticality to BECU’s business needs, ensuring the appropriate relationship investment.
  • Establish templates, training guides, checklists, and process flows that enable efficient and effective vendor performance monitoring.
  • Play a key role in the creation and oversight of governance structures that align with BECU’s Vendor Management Policies and evolving VRM strategy.
  • Offer ongoing advice to business leaders and executives on managing relationships with BECU’s strategic and core suppliers, becoming a trusted advisor.
  • Step in when necessary to support business owners with resolving issues in supplier relationships.
  • Incorporate BECU’s DEI goals into the VRM strategy, ensuring that diverse third-party relationships are supported and enhanced.
  • Work closely with Strategic Sourcing, Third Party Risk, and Contracting teams to align on segmentation, category management, and risk strategies.
  • Use analytics and market research to optimize BECU’s vendor portfolio, reduce spend, and support enterprise initiatives through strategic vendor management.
  • Drive compliance with VRM governance by educating and guiding business stakeholders across the organization.

BECU is a not-for-profit credit union that provides a range of financial services to its members, including checking and savings accounts, loans, mortgages, and investment planning. Members can access their accounts through online banking and a mobile app, making it easy to manage their finances from anywhere. BECU differentiates itself from traditional banks by focusing on member education and community support, offering free seminars and resources to help individuals improve their financial literacy. The goal of BECU is to promote financial success for its members while minimizing fees and providing competitive rates on financial products.

Company Stage

N/A

Total Funding

N/A

Headquarters

Tukwila, Washington

Founded

N/A

Growth & Insights
Headcount

6 month growth

-8%

1 year growth

-8%

2 year growth

-8%
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Simplify's Take

What believers are saying

  • Members benefit from lower fees and better rates compared to traditional banks, enhancing their financial well-being.
  • BECU's partnerships with organizations like AARP and the University of Washington provide members with unique educational and financial opportunities.
  • The credit union's involvement in community events and sponsorships, such as the GeekWire Awards and Spokane Indians, fosters a strong community presence and member engagement.

What critics are saying

  • As a not-for-profit, BECU may face financial constraints that limit its ability to invest in new technologies and services compared to larger banks.
  • The focus on specific member groups, like Boeing employees, could limit broader market appeal and growth potential.

What makes BECU unique

  • BECU operates as a not-for-profit credit union, focusing on member benefits rather than shareholder profits, unlike traditional banks.
  • The credit union offers exclusive products like the Boeing-inspired credit card, catering specifically to Boeing employees and retirees.
  • BECU's commitment to financial education, including closing branches for a day to teach high school students, sets it apart from competitors.

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