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850 Main Street
Bridgeport, CT 06604
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VP, Contract Administration & Vendor Management
People's United Bank • Bridgeport, CT
Posted 11 days ago
People’s United Bank is a subsidiary of People’s United Financial, Inc., a diversified financial services company with over $40+ billion in assets. Founded in 1842, we are a premier, community-based, regional bank in the Northeast offering commercial and retail banking, as well as wealth management services through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.
This position is responsible for the implementation and administration of the
organization’s contract administration policies and procedures and for
continually monitoring and evaluating the effectiveness of the process. This
position is also responsible for overseeing the Bank-wide Vendor Management
Essential Job Duties -
Oversees, designs, manages and maintains all department functions and staff including the policy and program for the organization
Proactively incorporates, oversees and manages all regulatory changes to policy and program
Strategically understands the market in the Vendor Management and Contract Management space and incorporates market trends and best practices to the bank’s Vendor Management policy and program.
Oversees the administration of the electronic software tool for Vendor Management
Ensures all department functions are performed
Oversees and ensures internal and external due diligence, including but not limited to, OFAC Checks, reference checks, data security checks for proposed suppliers and adherence to all internal policies including obtaining appropriate approvals. Ensures other due diligence is completed and documented in the Vendor Management files accordingly including but not limited to; ETRM review, Insurance Risk, Compliance and Operational Risk as applicable. Escalates items as appropriate.
Oversees and as needed reviews contracts to ensure that contract terms and conditions are aligned with the organization’s business objectives, contain required provisions that adhere to all applicable laws and regulations, appropriate indemnification language, representations and warranties and to identify provisions that impose contingent liability or operational risk or lack appropriate level of approval. Determines which contracts need to be referred to internal legal staff for further review based on established policies and guidelines. Ensures staff follows all process and procedures and documentation is in place
Strong knowledge and leadership skills when it comes to contract management including the ability to understand and evaluate contract risks. Escalates to senior management and Executive team as needed
Determines what contracts require Legal review and when standard templates can be used. Directs team on next steps
Oversees, monitors and evaluates the effectiveness and efficiency of contract administration process, identifies opportunities for improvement and provides recommendations to management. Escalates any issues to Senior management as needed.
Identifies inherent risks in selecting a new vendor and strategically manages the ongoing oversight activities for all of the Bank’s critical vendor relationships. Maintains documentation related to due diligence and oversight procedures performed on the Bank’s critical vendors.
Participates as a leading member of the Bank’s Vendor Management Advisory Team.
Coordinates the consolidation of agreements where applicable and advises on vendor concentration risk
Oversees the coordination of the annual re-evaluation and identification of the organization’s critical vendors subject to ongoing monitoring.
Reports to Executive Management as needed with contract escalation and vendor issues
Adheres to compliance procedures and internal/operational risk controls in accordance with any and all applicable regulatory standards, requirements, and policies.
In today’s highly competitive job market, People’s United Bank recognizes the need to attract, reward, and retain talented employees. That’s why we provide a comprehensive, competitive and innovative benefits program.
College degree or equivalent experience required.
8 – 10+ years relevant experience.
Contract and/or Paralegal certification and experience required
Additional Job Requirements:
Theoretical and advanced knowledge of standard contract administration and vendor management concepts, practices, and procedures, legal requirements and generally accepted best practices.
Ability to strategically lead the bank where needed as it affects Vendor Management and Contract Administration
In-depth understanding of contract administration and vendor management regulatory requirements applicable to the Financial Services and Banking industries.
Demonstrates high ethical standards and personal integrity to build credibility and trust
Must have a professional demeanor, effectively representing the organization, exhibit sound judgement and maintain confidentiality especially on critical, confidential transactions.
Excellent ability to evaluate, analyze and quantify all impact of the issues involved, including but not limited to financial and compliance issues.
Excellent analytical skills are needed to identify contract non-compliance and to evaluate the effectiveness of the current process.
Excellent ability to prioritize, multi-task and manage multiple projects at once. Strong attention to detail. Ability to manage multiple priorities and escalated issues within specified timeframes.
Excellent ability to lead and motivate staff and management throughout the organization to meet contract and vendor management goals and objectives.
Excellent written and verbal skills are needed to interact with internal customers and external suppliers.
Ability to foster and cultivate effective working relationships with internal customers and external suppliers.
Excellent PC skills including word processing, spreadsheets, internet and internal software. Ability to learn additional applications as needed.
Ability to inform, educate and influence employees to adhere to contract administration process and vendor management processes.
Occasional Travel as required to facilities where contract discussions or vendor site reviews are needed