VP Sourcing and Procurement (Hybrid)

Work Arrangement:

***This position is available as a hybrid position in our Wilmington, DE office.***

At The Bancorp, we’ve spent over 20 years driving innovation in the financial services industry. As a trusted partner to businesses from startups to Fortune 500 companies, we provide the people, processes, and banking technology to help our clients succeed. Whether you’re working in Fintech Solutions, Institutional Banking, Commercial Lending, or Real Estate Bridge Lending, you’ll have the opportunity to be part of a team that’s transforming businesses with forward-thinking, tech-powered solutions.

The VP Sourcing and Procurement role is responsible for strategic leadership and oversight of enterprise sourcing, procurement, and the Vendor Management Office (VMO). The role is accountable for delivering agreed expense savings through sourcing, negotiation, demand management, and supplier optimization, with Finance validation of realized results. It establishes reliable spending and contract information, proactive renewal management, supplier performance oversight, and clear staff accountability. The role partners with business leaders and control functions to improve vendor economics while maintaining service quality, operational continuity, and required risk governance.

• Develops enterprise sourcing strategy, including category and purchasing strategies across technology and other material third-party spend. Establishes category ownership, supplier strategies, and priorities aligned with business requirements, total cost, quality, and risk considerations.
• Analyzes enterprise spending, demand, and the economics of major supplier relationships. Challenges unused services, licenses, consultants, duplicate capabilities, and unnecessary commitments with business owners, and evaluates consolidation and exit opportunities.
• Delivers expense savings by agreeing annual and in-year savings commitments with Finance and leadership. Maintains a qualified opportunity pipeline with baselines, owners, expected value, timing, and next actions. Drives opportunities through negotiation, implementation, and realized expense reduction.
• Supports executive governance by providing senior leadership with clear reporting on savings, spending, vendor performance, renewal priorities, and decisions required. Builds effective partnerships with Finance, business lines, Human Resources, Operations, Facilities, and Technology.
• Leads competitive sourcing and negotiation, including requests for information and proposals, market analysis, supplier evaluation, and commercial negotiations. Documents selection recommendations, competitive sourcing exceptions, and tradeoffs, and obtains approvals under delegated authority.
• Tracks and validates financial results, requiring the current comparable cost, vendor proposal, and final negotiated amount for material negotiations. Separates hard expense savings, avoided increases, demand effects, and working capital benefits. Reports annualized and in-year impact, including implementation and transition costs, without double counting.
• Follows through on implementation, working with VMO staff, business owners, and Finance to confirm that agreed pricing, scope, and usage changes take effect in contracts, billing, and actual expense. Reports negotiated, implemented, and Finance-validated realized savings separately.
• Maintains contract and purchasing discipline by developing procurement policies and purchasing controls. Partners with Legal on contract standards, service measures, and commercial terms. Coordinates approvals and signatures, and promotes compliance with purchasing requirements.
• Controls vendor and contract information by overseeing accurate vendor and contract records, including ownership, spending, obligations, renewal and notice dates, criticality, and risk classifications. Maintains reliable information to support decisions and governance.
• Plans renewals, renegotiations, and exits sufficiently ahead of contractual notice deadlines to support
  sourcing and business decisions. Coordinates commercial strategies and escalates issues affecting timing,
  continuity, or value.
• Coordinates with control functions, partnering with Third Party Risk Management, Legal, Compliance, and
  Information Security on required vendor reviews and controls, including applicable supplier diversity and
  information technology purchasing requirements. Respects established business ownership, approval, and
  risk decision authority.
• Oversees supplier performance and governance through supplier segmentation, scorecards, and business
  reviews covering service, spend, utilization, risk, and commercial opportunities. Works with business owners
  to address performance issues and improve supplier value.
• Leads, coaches, and develops sourcing, procurement, and VMO staff. Establishes clear responsibilities and
  performance expectations, allocates resources, strengthens commercial and analytical capabilities, and
  promotes collaboration and accountability.
• Performs other duties as assigned.

• Bachelor's degree or an equivalent combination of training and experience.
• Minimum of 8 years of sourcing and procurement experience.
• Strong working knowledge of legal and vendor contract terms and conditions preferred.
• Excellent analytical and decision-making skills preferred.
• High level of attention to detail preferred.
• Consistent track record of producing high-quality results preferred.
• Ability to lead groups of people toward common goals preferred.
• Excellent verbal, written, and interpersonal communication skills preferred.
• Able to work effectively in a collaborative, multi-tasking environment preferred.
• Proficiency in the Microsoft Office suite, including Excel, PowerPoint, Word, and Outlook, preferred.

Travel Requirements

• No travel required.
  

What Success Looks Like

• Agreed annual and in-year savings commitments are delivered and validated by Finance.
• Vendor and contract records are accurate, current, and complete.
• Renewals, renegotiations, and exits are actioned ahead of contractual notice deadlines.
• Competitive sourcing decisions are documented, with exceptions and approvals on record.
• Required control function vendor reviews are completed before contracts are executed or renewed.
• Sourcing, procurement, and VMO staff meet defined responsibilities and performance expectations.
  

Why This Role Matters
Third-party spending is a significant share of the Bank's expense base, and the suppliers behind it support services
customers rely on every day. This role determines whether that spending delivers validated value, whether contract
and vendor records are reliable enough to support sound commercial decisions, and whether renewals happen on
terms the Bank chooses. It also sustains the vendor governance expected of a bank's third-party risk program,
protecting operational continuity and the Bank's standing with its regulators.

This job will be open and accepting applications for a minimum of five days from the date it was posted.

This information reflects the base salary pay range for this job based on current national market data. Ranges may vary based on the job's location. We offer competitive pay that varies based on individual experience, qualifications and other relevant factors. We encourage you to apply to positions that you are interested in and for which you believe you are qualified. To learn more, you are welcome to discuss with us as you move through the selection process.

Working at The Bancorp Bank, N.A. and Benefits Information: https://thebancorp.com/company/join-our-team/

Company Culture at The Bancorp Bank: https://www.thebancorp.com/company/company-culture/

The Bancorp Bank, N.A. is an EQUAL OPPORTUNITY EMPLOYER and will not discriminate on the basis of race, color, religion, gender, gender identity, sexual orientation, pregnancy, citizenship, national origin, age, disability, genetic information, veteran status or other protected category with respect to recruitment, hiring, training, promotion, and other terms and conditions of employment.

Employment with The Bancorp Bank, N.A. includes successfully passing a background check including credit, criminal, education, employment, OFAC, and social media background history.

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