Vendor Performance & Risk Management Partner

Job Code: 7489
Location: Waterloo, ON
Department: Finance
# of openings: 1
Job Type: Full Time
Closing Date:


Do you pride yourself on providing outstanding and professional procurement services? Are you always looking for ways to break through the status quo and raise the bar? Do you consider yourself a true, full cycle procurement expert? Well, we’ve got the role for you!

Reporting to the Manager, Transformation - Enterprise Procurement, this individual will be responsible for the vendor performance and vendor risk management program at Economical.  Working closely with procurement, risk operations and business stakeholders you will develop policies, procedures, process and tools to enhance and improve vendor management, as well as develop and maintain current market expertise, and provide guidance to the business on market and category risks.  Your 5+ years of procurement experience related to vendor performance and risk management process and your industry experience will provide you with the knowledge required to enhance the end-to-end vendor management process, and drive value, manage risk and build vendor partnership.  

Who We Are:

Economical Insurance is one of Canada’s leading property and casualty insurance companies, but there’s really much more to us than that. Since our beginnings in 1871, we’ve been an organization that has imagined bigger and better things, inspiring us to take chances and think innovatively.

Our employees are the reason we’ve come as far as we have, and the reason we’ll go much further still. We focus on our customers first, we bring our best, and we’re stronger together.

Who We’re Looking for:

  • You’re an expert in vendor management best practices as well as have full understanding of applicable legislation (particularly as relates to OSFI requirements) and have no problem working through changing situations on a day to day basis
  • An effective change agent who can build internal relationships and be viewed as a value-added business partner
  • You’re a pro-active, self-starter with a strong sense of urgency, who thrives on managing multiple work tasks simultaneously to closure and follow up consistently to ensure issues and questions are promptly addressed and outstanding matters are resolved
  • You’re a great communicator, love to problem solve and always have a customer focused approach to handling things
  • An innovative approach and collaborative style, with the ability to establish strong relationships and navigate across all functions of the organization
  • You’re very comfortable dealing with staff at all levels within an organization
  • You’re a professional above all else, and pride yourself in acting accordingly at all times regardless who you are dealing with

Your Responsibilities:

  • Vendor Management Program Development
    • Develop policies, procedures, process and tools to enhance and improve vendor management
    • Develop Strategic Vendor Program for business critical vendors
    • Develop risk-assessment models or tools and processes
    • Develop Vendor Issue/Risk and Opportunity Action log to monitor, track and review opportunities, issues, risks and ensure the timely management and resolution
  • Vendor Assessment
    • Responsible for organizing and participating in the qualification, selection and management of vendors
    • Conduct due diligence on current and potential vendors to assess strengths, weaknesses and risks
    • Review and identify 3rd party relationships across the organization and assess materiality of relationships
    • Gather organizational performance information and risk-related data from internal or external resources
    • Identify and analyze areas of potential risk to the assets, earning capacity, or success of the organization
    • Document, and ensure communication of key third party risks and prepare reports
  • Vendor Performance and Risk Management
    • Monitor the performance of vendors and service providers  to ensure that they meet the required standards
    • Monitor key supply contract service level agreements and investigate service level failures and support the business to develop  remediation plans
    • Review key POs and contracts to assess risk and conformance to company policy
    • Responsible for monitoring compliance and overall effectiveness of policies and procedures
    • Compile, analyze, and provide consolidated reporting for procurement performance and risk metrics
    • Identify, assess, document and communicate key risks and mitigating factors to business operations
    • Recommend ways to improve performance and control and reduce risk
    • Prepare financial documents, reports or budgets as including financial analysis to support recommendations
    • Develops action plans to addresses risks and issues and maintains priority list of action items
    • Produce reports and presentations that explain risk positions or recommend changes
    • Update, maintain and manage data quality of vendor performance and third party risk management systems
  • Regulatory Review and Assessment
    • Analyze new legislation to determine impact on risk exposure
    • Evaluate applicable laws and regulations to determine impact on organizational activities
    • Prepare regulatory or compliance documentation

Your Skills & Experience:

  • You have a completed post-secondary education (university degree or public college diploma), and potentially a CSCMP designation or similar
  • At least 5 years of direct experience in procurement (other desired experience would be engineering, project management, and contract or commercial management)
  • You are  a seasoned supply chain professional with a full understanding of industry best practices related to vendor management
  • Deep expertise in financial business case analysis and cost modelling
  • Your negotiation; presentation, facilitation, project management and planning expertise are second to none
  • Insurance & IT industry experience would be beneficial but is not required

What You’ll Experience:

  • An incredible team of smart, diverse, and supportive people who want to help you to bring your best every day
  • Great benefits, ongoing education, and competitive pay
  • A challenging but rewarding role and a chance to help build Economical’s procurement  culture and processes

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