Sr. Contracts Negotiator - IT Procurement

About Northern Trust:
Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.
Northern Trust is proud to provide innovative financial services and guidance to the world's most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world's most sophisticated clients using leading technology and exceptional service.
This role reports to the Chief Procurement Officer (CPO). As a Senior Contracts Negotiator, you will play a critical role in optimizing our procurement processes, managing supplier relationships, and achieving cost savings while ensuring compliance with industry regulations. Your primary focus will be on negotiating favorable terms and conditions for contracts, managing supplier performance, and contributing to the overall efficiency and profitability. This role will focus on the strategic value of the largest, most complex relationships.
Strategic Sourcing:

• Identify and evaluate potential suppliers and vendors for financial products and services.
• Develop and maintain a supplier database specific to financial services.
• Analyze financial market trends and industry dynamics to make informed sourcing decisions.
• Develop and implement strategic sourcing strategies to achieve cost savings and quality improvements in financial products and services.

Negotiation:

• Negotiate contracts and agreements with financial service providers to secure advantageous terms and conditions.
• Drive negotiations to optimize pricing, terms, and other contractual aspects while adhering to regulatory requirements.
• Establish and maintain long-term relationships with key financial service providers.
• Monitor and review existing financial service contracts for renegotiation or renewal opportunities.

Supplier Management:

• Monitor financial service provider performance and compliance with contractual agreements, ensuring adherence to regulatory requirements.
• Address and resolve any supplier-related issues or disputes specific to financial services.
• Work closely with cross-functional teams to ensure that financial service provider requirements are met.
• Conduct regular supplier performance evaluations and provide feedback, with an emphasis on regulatory compliance.

Cost Optimization and Risk Management:

• Collaborate with internal stakeholders to identify cost-saving opportunities in financial services procurement.
• Conduct cost analysis for financial products and services and make recommendations for process improvements.
• Implement strategies to reduce procurement costs while maintaining regulatory compliance.
• Identify and mitigate financial and regulatory risks associated with the supply chain in financial services.

Qualifications

• BS/BA degree in Finance, Supply Chain Management, Procurement, Computer Science or related disciplines preferred or equivalent years of experience (Master's degree is a plus).
• Proven experience and track record in strategic sourcing and negotiation, preferably in a procurement or supply chain role within the financial industry.
• Ability to work independently and as part of a team, with a strong commitment to regulatory compliance.
• Strong organizational skills and attention to detail.
• Results-oriented with a focus on achieving cost savings and efficiency improvements while complying with financial regulations.
• Third Party Risk and Procurement and/or Supply Chain Management professional designation or certification preferred or equivalent senior level years of experience.
• Ability to successfully navigate across various lines of business.
• Strong understanding of financial products and services, procurement processes, and market dynamics.
• Excellent negotiation, communication, and interpersonal skills, with a focus on regulatory compliance.
• Analytical and data-driven decision-making abilities in the context of financial services.
• Proficiency in procurement software and tools specific to the financial industry.
• Knowledge of relevant financial industry regulations and compliance standards.
• Strong project management skills.
• Certification in supply chain management, procurement, or financial industry compliance (e.g., CSCP, CTP, or CFA) is a plus.
• Minimum of 10+ years of related experience with a strong understanding of sourcing and third-party management in a highly regulated industry.

Working with Us:
As a Northern Trust partner, greater achievements await. You will be part of a flexible and collaborative work culture in an organization where financial strength and stability is an asset that emboldens us to explore new ideas.
Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to assisting the communities we serve! Join a workplace with a greater purpose.
We'd love to learn more about how your interests and experience could be a fit with one of the world's most admired and sustainable companies! Build your career with us and apply today. #MadeForGreater
Reasonable accommodation
Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at MyHRHelp@ntrs.com.
We hope you're excited about the role and the opportunity to work with us. We value an inclusive workplace and understand flexibility means different things to different people.
Apply today and talk to us about your flexible working requirements and together we can achieve greater.