Cost and Supplier Management Senior Consultant

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Regular or Temporary:

Regular

Language Fluency:  English (Required)

Work Shift:

1st shift (United States of America)

Please review the following job description:

The Cost and Supplier Management Senior Consultant is responsible for developing and managing strategic relationships across CT&O, partnering with professional and senior level roles in Finance, Vendor Management, and Sourcing. This role will oversee Financial and Cost Management aspects of supplier engagements, including requirements and financial planning, cost optimization, and contract utilization. This position requires a deep understanding of procurement practices, financial regulations, and the ability to balance cost efficiency with high-quality service delivery. This role will work closely with cross-functional teams to drive value, optimize costs, and mitigate risks associated with third-party suppliers, supporting Truist’s growth and operational efficiency. The incumbent will design, develop, and execute strategies that align to financial management processes that advance CT&O operational performance. This position will serve as a key subject matter expert (SME) on operating efficiency cost initiatives and financial risk management while working cross-functionally with internal stakeholders, utilizing strong analytics and data-driven problem-solving skills.

ESSENTIAL DUTIES AND RESPONSIBILITIES
Following is a summary of the essential functions for this job.  Other duties may be performed, both major and minor, which are not mentioned below.  Specific activities may change from time to time.  
1.    Supplier Strategy Development:
•    Collaborate with key stakeholders to develop and implement supplier strategies that align with Truist’s overall business objectives.
•    Identify and evaluate potential suppliers, ensuring they meet the institution’s strategic needs and compliance requirements.
2.    Supplier Onboarding and Due Diligence:
•    Lead the onboarding process for suppliers, ensuring they meet Truist’s standards for quality, security, and compliance.
•    Conduct thorough due diligence on suppliers, including financial stability, operational capabilities, and risk factors.
3.    Relationship Management:
•    Establish and maintain strong relationships with strategic suppliers, business stakeholders, and sourcing, acting as the primary point of contact.
•    Facilitate regular communication between Truist and suppliers to ensure alignment and address any issues promptly.
4.    Performance Monitoring and Evaluation:
•    Develop and enforce Service Level Agreements (SLAs) to ensure suppliers meet performance expectations.
•    Conduct regular performance reviews, analyzing key metrics and KPIs to assess supplier effectiveness and identify areas for improvement.
5.    Cost Management and Optimization:
•    Collaborate with finance, business stakeholders, sourcing, and other departments to develop financial plans related to supplier engagements.
•    Identify and implement cost-saving opportunities without compromising service quality or operational efficiency.
•    Ensure effective contract utilization, maximizing value from supplier agreements.
6.    Risk Management:
•    Identify potential risks associated with supplier relationships and develop mitigation strategies.
•    Monitor supplier compliance with regulatory requirements and internal policies, taking corrective actions when necessary.
7.    Cross-Functional Collaboration:
•    Work closely with procurement, finance, legal, and other departments to ensure seamless supplier management processes.
•    Provide insights and recommendations to senior leadership on supplier performance and cost management strategies.
8.    Continuous Improvement:
•    Stay updated on industry trends, best practices, and emerging technologies related to supplier management.
•    Lead initiatives to improve supplier management processes, driving innovation and efficiency.
9.    Contract Management:
•    Oversee contract negotiation and management, ensuring favorable terms and conditions that align with Truist’s interests.
•    Manage the renewal and termination of supplier contracts in a timely and efficient manner.
10.    Reporting and Documentation:
•    Prepare and present reports on supplier performance, cost management, and other key metrics to senior leadership.
•    Maintain accurate and up-to-date records of supplier engagements, contracts, and performance evaluations.

QUALIFICATIONS
Required Qualifications:
The requirements listed below are representative of the knowledge, skill and/or ability required.  Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
1.    Bachelor’s degree and eight years of IT service delivery with experience managing complex, IT supplier relationships; or an equivalent combination of education and work experience. 
2.    Deep specialized and/or broad functional knowledge. Sound understanding of business and organizational strategies and processes. 
3.    Ability to interpret internal and external business challenges and recommend best practices. Ability to lead complex projects. 
4.    Sophisticated analytical skills and the ability to solve complex technical and business problems. 
5.    Ability to influence others at senior levels to adopt a new perspective.

Preferred Qualifications:
1.    Bachelor’s degree and ten years of experience or an equivalent combination of education and work experience. 
2.    Masters degree in Business Administration, Supply Chain, Finance, or Accounting
3.    Banking or financial services experience.

4. Accounting background is very highly preferred
 

General Description of Available Benefits for Eligible Employees of Truist Financial Corporation: All regular teammates (not temporary or contingent workers) working 20 hours or more per week are eligible for benefits, though eligibility for specific benefits may be determined by the division of Truist offering the position. Truist offers medical, dental, vision, life insurance, disability, accidental death and dismemberment, tax-preferred savings accounts, and a 401k plan to teammates. Teammates also receive no less than 10 days of vacation (prorated based on date of hire and by full-time or part-time status) during their first year of employment, along with 10 sick days (also prorated), and paid holidays. For more details on Truist’s generous benefit plans, please visit our Benefits site. Depending on the position and division, this job may also be eligible for Truist’s defined benefit pension plan, restricted stock units, and/or a deferred compensation plan. As you advance through the hiring process, you will also learn more about the specific benefits available for any non-temporary position for which you apply, based on full-time or part-time status, position, and division of work.

Truist supports a diverse workforce and is an Equal Opportunity Employer that does not discriminate against individuals on the basis of race, gender, color, religion, citizenship or national origin, age, sexual orientation, gender identity, disability, veteran status or other classification protected by law. Truist is a Drug Free Workplace.

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