Strategic Vendor Management Consultant

Are you a strategic and analytical thinker with a passion for building and maintaining relationships? Do you have experience in vendor management and a deep understanding of the financial services industry? If so, we have an exciting opportunity for you at Northern Trust as a Strategic Vendor Management Consultant.In this role, you will play a critical role in managing our relationships with external vendors and ensuring that our partnerships align with our business goals. You will leverage your expertise in vendor management to develop and implement strategies that drive efficiency and effectiveness across our organization.To be successful in this role, you must possess strong communication and negotiation skills, as well as a keen eye for detail and a proactive approach to problem-solving. A minimum of 5 years of experience in vendor management within the financial services industry is required, along with a Bachelor's degree in Business Administration or a related field.If you are a self-motivated and results-driven individual who thrives in a dynamic and collaborative environment, then we invite you to apply for this position and join our team at Northern Trust.

1. Develop and maintain strong relationships with external vendors to ensure alignment with business objectives and drive mutual success.
2. Utilize expertise in vendor management to develop and implement strategies that drive efficiency and effectiveness across the organization.
3. Manage vendor contracts, negotiations, and performance to ensure compliance with service level agreements and cost-effectiveness.
4. Conduct regular vendor performance evaluations and provide recommendations for improvement or termination as needed.
5. Collaborate with internal stakeholders to identify vendor needs and requirements and develop solutions that meet business objectives.
6. Monitor industry trends and developments to identify potential risks and opportunities for vendor partnerships.
7. Prepare and present reports and updates to senior management on vendor performance, cost savings, and strategic initiatives.
8. Ensure compliance with all regulatory and legal requirements related to vendor management.
9. Lead cross-functional teams to implement and manage vendor management processes and procedures.
10. Proactively identify and resolve any issues or conflicts that may arise with vendors, and escalate to appropriate management if necessary.
11. Keep abreast of changes in the financial services industry and vendor management best practices to continuously improve processes and procedures.
12. Mentor and train junior team members on vendor management processes and procedures.
13. Collaborate with other departments and teams to identify opportunities for vendor consolidation and cost savings.
14. Develop and maintain vendor scorecards and performance metrics to measure and track vendor performance.
15. Stay updated on industry regulations and standards related to vendor management and ensure compliance with all policies and procedures.

According to JobzMall, the average salary range for a Strategic Vendor Management Consultant in Chicago, IL, USA is between $80,000 and $120,000 per year. This can vary depending on the specific company, level of experience, and other factors such as bonuses and benefits. Some companies may also offer higher salaries for candidates with specialized skills or certifications in strategic vendor management.

Northern Trust Corporation is a financial services company that caters to corporations, institutional investors, and ultra high net worth individuals. It is one of the largest banks in the United States and one of the oldest banks in continuous operation.