Strategic Sourcing Manager

BMO is currently sourcing for a Sourcing Specialist.This is a hybrid contract role in Toronto (2 days in office per week). Role Overview:The Sourcing Specialist works closely with stakeholders to develop and implement sourcing and demand management strategies that align with business and cost objectives. This role involves supplier selection, contract negotiations, risk management, and continuous improvement of procurement processes to maximize value and minimize risk in supplier spend. The position supports strategic sourcing initiatives that impact financial results and customer satisfaction.

Key Responsibilities:

Develop and implement category and sub-category sourcing strategies in collaboration with stakeholders. Conduct supplier selection, due diligence, and contract negotiations to achieve targeted savings and business goals. Build and maintain effective relationships with internal and external stakeholders to ensure alignment and understanding of business needs. Provide advice and guidance on category and supplier strategies, including risk management related to outsourcing and supplier risk. Analyze market trends, supplier performance, and cost models to identify sourcing opportunities and risks. Manage sourcing category initiatives end-to-end, including planning, execution, and reporting. Lead change management activities related to sourcing initiatives, including readiness assessments and stakeholder management. Prepare and present reports and dashboards on project progress, supplier risks, and key metrics to support decision-making. Continuously improve sourcing and procurement processes by incorporating market-leading practices and innovation.

Must-Have Skills:

Knowledge of sourcing and procurement processes, procedures, and controls. Understanding of relevant risk and regulatory requirements. Experience with sourcing in Financial Services or Technology industries. Proficiency in business analysis, project delivery practices, and standards across the project lifecycle. Strong skills in Excel and spreadsheet analysis. Negotiation knowledge, skill, and ability. Familiarity with sourcing and procurement systems and applications. Financial Services, Financial, or Cost Management experience.

Nice to Have Skills:

Experience compiling, synthesizing, and drawing insights from diverse research sources. Technical proficiency gained through education and/or business experience. Data-driven decision-making expertise. Knowledge of supplier risk assessment and mitigation techniques.

Ideal Candidate:

Seasoned professional with extensive industry knowledge and a combination of education and experience. Demonstrated ability to assess, quantify, and prioritize risks effectively. Technical leader recognized as a thought leader for innovation in sourcing and procurement. Strong verbal and written communication skills with the ability to influence and collaborate across groups. Able to manage ambiguity and drive strategic execution aligned with business goals.