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Executive Director, IT Vendor Management

Company: Depository Trust Clearing Corporation
Location: Jersey City
Posted on: September 24, 2022

Job Description:

About DTCC:
With over 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From operating facilities and data centers around the world, DTCC automates, centralizes, and standardizes the processing of financial transactions across the trade lifecycle and mitigates risk for thousands of institutions worldwide.

At DTCC we value on our clients' interests and partner to deliver superior results with excellence and innovation and lead with integrity. We proactively develop your potential and invest in your career.

Are you ready to explore a world of possibilities?

Join our DTCC family, and you'll grow your expertise and become the best version of you. As you embark on a new journey, you'll be supported and surrounded by other professionals as you learn new skills, advance your career, and see the impact of your efforts every day.
Pay and Benefits:

  • Competitive compensation, including base pay and annual incentive
  • Comprehensive health and life insurance and well-being benefits, based on location
  • Retirement benefits
  • Paid Time Off and other leave of absence
  • Flexible/Hybrid Work Arrangements Why you'll love this job :
    Being a member of the information technology team, the Executive Director, IT Vendor Management will set the strategic direction, mission, and vision of the IT vendor management capability, ensuring technology and vendor support meet the strategic goals and objectives of the IT department at DTCC. Additionally, the leader will serve as key liaison across all businesses, functions, and regions to align supplier solutions with business strategies, while ensuring cost/supplier optimization and industry standard processes. Furthermore, the Executive Director recommends solutions for value creation across IT technology portfolio. Works closely with corporate procurement team and sourcing to evaluate vendor performance and ensure they meet or exceed their contractual obligations. This role is a senior leadership Executive Director position, reporting directly to the Managing Director, Digital Services and Governance.
    Your Primary Responsibilities
    Leadership :
    • Demonstrate leadership qualities like strategic thinking, team development, leading from the front, influencing people, communicate effectively, to name a few
    • Collaborate with internal partners, including IT leaders and resources, to develop criteria and standard processes for vendor portfolio for hardware, software, and professional services
    • Serve as the leadership-level point of contact between the vendor organization and internal customers consuming IT vendor services and solutions.
    • Drive strategic cost optimization across the vendor portfolio.
    • Improve controls, policies, and processes for leading strategic vendor relationships.
    • Ensure strategic vendors are aligned through formal executive sponsorship and relationship development. Operational duties:
      • Define the project governance structure; establish processes and procedures for maintaining proactive project strategic direction and decision-making support throughout the entire project life cycle
      • Identify and review IT demand and drive strategic alignment.
      • Conduct horizontal and vertical reviews to optimize vendors and their spend across IT.
      • Partner with procurement and sourcing team to analyze technology spend and conduct benchmarking to drive consolidation and cost savings.
      • Lead the collection, consolidation and communication of reporting and data on vendor contracts, performance, risk, and relationships to key collaborators and vendors.
      • Provide relationship snapshot for executive and leadership meetings. Vendor portfolio management:
        • Classify and rationalize the vendor portfolio so that focus can be applied to the most strategically important vendor relationships and engagements.
        • Evaluate vendor spending by examining current spend and settling if consolidations can be accomplished to reduce the number of vendors, crafting higher spend and better financial leverage with fewer suppliers. Relationship management:
          • Work with procurement team to understand and help implement vendor rules of engagement across the organization.
          • Conduct executive briefing with strategic vendors and operational reviews with other vendors.
          • Formalize policies and processes that promote collaboration and cooperation across the vendor ecosystem.
          • Run the communication process with vendors to optimize and streamline communications, including what information should be communicated, when and by whom.
          • Handle and maintain vendor relationships as the key point of contact between specified vendors and the IT leaders.
          • Serve as a point of escalation for vendor issues and disputes, and drive those issues to resolution, where appropriate. Performance management:
            • Implement a vendor performance program that motivates vendors and is passionate about achieving organizational objectives.
            • Work in collaboration with the corporate procurement and third-party risk team to develop and lead all aspects of vendor management tools including vendor tracking, analytics and performance management tools (scorecards, KPI s, dashboards) to measure and report vendor performance.
            • Ensure that the metrics used to evaluate performance are accurately tied to business outcomes and bias-free, and that the associated communications around these metrics are clear. Risk management:
              • Work with the third-party risk team to develop and maintain strategic vendor risk assessments in cooperation with the security and compliance team.
              • Regularly assess and mitigate the financial, operational and compliance risks of strategic vendors to detect early warning signals of potential problems or failures.
              • Partner with other areas of the business (procurement, finance) to supervise and report on vendor financial viability, business continuity, and corporate and regulatory compliance. Qualifications:
                • A minimum of 15 years of overall experience out of which 5 years in vendor management or a related field is required
                • Tried experience in successful management of vendors/third parties, including, but not limited to, strategy, policies, performance, vendor risk, relationships, and issue and dispute resolution.
                • A Master of Business Administration (MBA) or other advanced degree is desirable. Required Knowledge and Skills
                  • Broad knowledge of the IT industry and the products and services provided by technology vendors
                  • Familiarity with relevant regulatory and industry requirements
                  • Understanding of the entire vendor life cycle (vendor strategy, vendor portfolio management, sourcing, procurement, vendor management), and how internal roles interact and operate throughout the duration of vendor engagements
                  • Proven grasp of financial concepts Key Behaviors and Competencies
                    • Executive presence and comfort interacting with both internal and vendor senior leadership
                    • Ability to influence without authority and collaborate with internal clients and partners
                    • Relationship skills that will facilitate positive vendor behaviors, establish healthy new engagements, and deepen existing ones

                      We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, sex, gender, gender expression, sexual orientation, age, marital status, veteran status, or disability status. We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment. Please contact us to request accommodation.

                      About Us

                      About DTCC

                      DTCC safeguards the financial markets and helps them run efficiently, in times of prosperity and crisis. We are uniquely positioned at the center of global trading activity, processing over 100 million financial transactions every day, pioneering industry-wide, post-trade solutions and maintaining multiple data and operating centers worldwide. From where we stand, we can anticipate the industry's needs and we're working to continually improve the world's most resilient, secure and efficient market infrastructure. Our employees are driven to deliver innovative technologies that improve efficiency, lower cost and bring stability and certainty to the post-trade lifecycle.

                      DTCC proudly supports Flexible Work Arrangements favoring openness and gives people freedom to do their jobs well, by encouraging diverse opinions and emphasizing teamwork. When you join our team, you'll have an opportunity to make meaningful contributions at a company that is recognized as a thought leader in both the financial services and technology industries. A DTCC career is more than a good way to earn a living. It's the chance to make a difference at a company that's truly one of a kind.

                      About the Team

                      The Information Technology group delivers secure, reliable technology solutions that enable DTCC to be the trusted infrastructure of the global capital markets. The team delivers high-quality information through activities that include development of essential, building infrastructure capabilities to meet client needs and implementing data standards and governance.

Keywords: Depository Trust Clearing Corporation, Jersey City , Executive Director, IT Vendor Management, Executive , Jersey City, New Jersey

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