Procurement Specialist

Overview

We are seeking a Procurement Specialist for a contract opportunity based in Toronto, Ontario, Canada, working in a hybrid onsite model. The role involves partnering with business leaders and stakeholders to craft and deploy effective sourcing and demand management strategies that align with organizational goals, optimize expenditure, and minimize supplier risks. The specialist will take ownership of the strategic sourcing process for third-party suppliers, encompassing market research, competitive sourcing events, contract negotiations, and supplier selection. Following contract signing, suppliers are transitioned to the Supplier Relationship Management team for continuous monitoring and performance oversight.

Key Responsibilities

• Create and implement category-specific sourcing strategies, lead supplier identification and selection, conduct competitive sourcing events such as RFI and RFP, negotiate contracts, and manage supplier lifecycles to generate cost savings and meet business goals.
• Collaborate with internal teams to comprehend business needs, offer strategic procurement advice, and ensure adherence to Outsourcing & Supplier Risk policies, regulatory requirements, and procurement guidelines.
• Perform market research, supplier assessments, expenditure reviews, cost modeling, and risk evaluations to discover sourcing opportunities, enhance supplier performance, and reduce supply chain vulnerabilities.
• Manage sourcing projects end-to-end, including planning, stakeholder communications, change management, supplier discussions, contract execution, and ongoing supplier performance tracking.
• Develop business cases, sourcing strategies, category management frameworks, and recommendations that reinforce organizational objectives, boost operational efficiency, and promote sustainable value creation.
• Design and update procurement dashboards, reporting systems, and performance indicators to evaluate supplier outcomes, sourcing efforts, cost efficiency, risk management, and project results, intended for senior management review.
• Champion continuous improvements by applying procurement best practices, refining sourcing workflows, fostering innovation, delivering stakeholder training, and ensuring strong governance and risk controls throughout procurement activities.

Qualifications

• 5 to 7+ years of experience in strategic sourcing, supply chain, or procurement roles.
• Post-secondary degree required; field of study may vary.
• Proven experience developing long-term sourcing strategies.
• Comprehensive expertise in all facets of sourcing.
• Advanced knowledge of sourcing/procurement processes, controls, and procedures.
• Deep understanding of relevant risk management and regulatory standards.
• Specialized knowledge in sourcing within Financial Services or Technology sectors.
• Familiarity with business analysis and project delivery standards throughout project lifecycles.
• Proficiency with Excel and complex spreadsheet analysis.
• Strong negotiation capabilities with extensive experience.
• Experience with sourcing and procurement software and tools.
• Robust financial services, cost management, or financial analysis background.
• Insight into organizational processes, procedures, and business environments.
• Ability to collate and analyze research data to draw actionable insights.
• Expertise in risk assessment, including identification, quantification, and prioritization.
• Seasoned professional combining education, industry knowledge, and practical experience.

Preferred Qualifications

• Experience in banking or financial institutions favored.
• Additional relevant post-secondary education.
• Familiarity with Coupa or Ariba procurement platforms.
• Project management expertise or certification.
• Experience providing executive-level support.