Full-Time

Cost and Supplier Management Sr. Consultant

Posted on 11/26/2024

Truist

Truist

501-1,000 employees

Platform for Registered Investment Advisors' operations

Fintech
Financial Services

Senior

Orlando, FL, USA + 4 more

More locations: Raleigh, NC, USA | Richmond, VA, USA | Charlotte, NC, USA | Atlanta, GA, USA

Category
IT Consulting
Consulting
Requirements
  • Bachelor's degree and 5 years of finance experience with experience managing complex, IT vendor relationships; or an equivalent combination of education and work experience.
  • In-depth knowledge in information systems and ability to identify, apply, and implement best practices.
  • Understanding of key business processes and competitive strategies related to the IT function.
  • Ability to plan and manage projects.
  • Ability to solve complex problems by applying best practices.
  • Ability to interpret and convey complex, difficult, or sensitive information.
  • Ability to provide direction and mentor less experienced teammates.
Responsibilities
  • Maintains meta-data in regard to assigned portfolio of suppliers including: executive relationship summaries; account contacts; current contract terms, conditions and values and termination/renewal dates (deal sheet inventory); and third-party activities including assessments, findings and governance activities.
  • Schedules and facilitates relationship activities including: all on-boarding activities; tactical activity meetings and reports; periodic business reviews and visioning sessions.
  • Maintains a subject matter expert level of understanding of overall strategic supplier capabilities, competencies and future directions.
  • Maintains a broad industry perspective and knowledge in regard to the technology product or service trends, challenges, and competitors.
  • Manages the third-party service and supplier management governance and reporting responsibilities for assigned suppliers including vendor onboarding and risk assessment process – facilitates initial and ongoing risk assessment, assess agreement, data access and collect key onboarding documents and work with Sourcing to activate vendor for invoicing.
  • Proactively partners with internal stakeholders to manage third party risks (e.g. business impact, operational risk, info sec access) and develops mitigation plans.
  • Handles matters relating to contract administration, process management and/or relationship financial and performance management.
  • Owns the on-going pipeline status of Sourcing Requests for assigned suppliers.
  • Facilitates requirements gathering for RFX processes and contract development with internal stakeholders.
  • Assists Sourcing and Line of Business as required on negotiation of contract terms and conditions.
  • Collects, routes and guides contract changes through Truist processes for vendor or Truist requested contract changes.
  • Establishes and monitors vendor performance metrics, measurability, service/product delivery satisfaction and reporting.
  • Establishes and facilitates periodic vendor performance measurability meetings.
  • Manages stakeholder’s day-to-day needs.
  • Monitors internal and external service relationships to ensure quality of service delivery, client satisfaction, operational efficiencies, and achievement of target cost savings.
  • Serves as first line, tactical conduit for communication between LOBs/teammates and the service provider(s).
  • Monitors and tracks supplier performance issues while identifying potentially problematic trends.
  • Acts as an escalation point for supplier issues inclusive of unfavorable supplier response time concerns.
  • Assists in the development of correction action plans for standards that are not met by the supplier (Continuous Improvement Plan).
  • Executes on timely closure of compliance related ongoing governance activities/action plans/findings and partners with Third Party Risk Management (TPRM) and compliance teams to ensure contracts/suppliers meet all required regulations and expectations.
  • Engages with Supplier, line of business contacts and Sourcing operations to resolve supplier billing issues.
  • Acts as a resource for teammates with less experience.
  • Manages supplier specific functional activities as necessary (i.e. credit tracking or facilitation of catalog availability).

Truist offers a platform for Registered Investment Advisors (RIAs) to improve their operations and client services. Its features include live chat support, commission-free fractional share trading, a model marketplace, and an automated rebalancer, which help RIAs manage their businesses more efficiently. Unlike competitors, Truist provides these services for free and monetizes through a vertically-integrated custodian service, reducing overhead costs for RIAs. The company's goal is to empower RIAs to grow their businesses and enhance client experiences.

Company Stage

Series E

Total Funding

$437.2M

Headquarters

Culver City, California

Founded

2018

Growth & Insights
Headcount

6 month growth

24%

1 year growth

43%

2 year growth

77%
Simplify Jobs

Simplify's Take

What believers are saying

  • Altruist raised $169M in Series E funding, boosting financial stability and growth potential.
  • Partnerships with Orion and Kwanti enhance platform capabilities and attract more RIAs.
  • Increased demand for digital financial services aligns with Altruist's offerings.

What critics are saying

  • Competition from firms like Robinhood and Betterment could erode Altruist's market share.
  • Continuous tech updates may strain Altruist's financial resources.
  • Integration challenges with new partners may disrupt service delivery.

What makes Truist unique

  • Altruist offers a simplified tech stack for RIAs, enhancing operational efficiency.
  • The platform includes commission-free fractional share trading and an automated rebalancer.
  • Altruist provides original content and fast onboarding for independent financial advisors.

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