• First Vice President, Procurement & Contracts

    Job Locations US-CA-San Diego
    Job ID
    Job Type
    Regular Full-Time
    Office of the CEO
  • Description:

    BofI Federal Bank [NASDAQ: BOFI] with over $9 billion in assets, is one of the fastest growing internet banks in the nation and is rated in the top 5 of online banks in the country!   We are very forward thinking, technologically sophisticated, and a pioneer in our industry!   


    We are looking for a First Vice President, Procurement & Contracts to support the Bank's growth in terms of procurement management for new and renewing vendors.  This position will provide a centralized focus on establishing framework, process and management.


    Overview of responsibilities include:   


    • Establish a centralized procurement and contracts structure that mandates all procurement and contract activities follow the centralized process
    • Serve as the organization’s representative on procurement and contract procedures, develop new policies to strengthen the emerging structure
    • Institute a tier structure commensurate with the risk associated to vendors and their products and services to appropriately evaluate potential exposure to the bank
    • Firmly negotiate costs and contract terms to optimize value to the bank and protect the bank’s interests
    • Assertively mitigate legacy duplicative functions, contracts, and/or services previously acquired by the bank
    • Proficiently understand the business requirements a product or service is attempting to fulfill
    • Responsible to identify and comply with any regulatory requirements surrounding contract terms, risk assessment, on-going monitoring, BSA/AML, OFAC, GLBA and other points of due diligence
    • Monitor effectiveness and competency of procured services provided to hold vendors accountable, leverage performance during re-negotiations at contract term, vet alternatives that may be able to more adequately or cost effectively perform a similar service
    • Review Master Service Agreements, Statements of Work, Addendums, or other legally binding contracts for explicit terms to ensure the bank procures what is expects to receive​
    • Responsible to establish standardized templates to use in the contract/procurement process working with Legal to generate standard contract terms that enable the contract/procurement function to execute without Legal’s involvement
    • Validate that purchase orders are commensurate with executed contracts
    • Construct Requests for Information (RFI), Requests for Proposals (RFP), source potential partners, and review the responses to consult lines of business on potential efficacy and pitfalls to avoid if pursuing particular solutions
    • Work with key business unit and corporate stakeholders to ensure scope of activities are captured and documented through the negotiation and contract finalization process
    • Coordinate with other critical support teams such as risk, legal, compliance, IT, info security, accounting, and other entities needed to comprehensively evaluate a potential procurement opportunity
    • Ensure the bank’s interests are protected such as time to market, early termination of a contract for cause, performance service level agreements and associated penalties of breach, SOC reviews, PII protection, maximum allowable downtime assurances, auto-renewals and structured cost percentage increases, audit allowances of third party platforms
    • Assess total cost of ownership to include internal bank resources needed to on-board and support the product or service
    • Participate in (or lead) the bank’s vendor cost management forum required to endorse conscious investments of desired     procurements
    • Identify and interpret market trends and patterns in the space in which the procurement resides to understand offering comparisons such as Gartner/Forrester reports by which to influence choices
    • Provide reporting and transparency into the procurement process for stakeholders to know the progress of requests
    • Consider Community Reinvestment Act with regards to potential vendors to procure products and services
    • Establish and maintain a centralized repository of contracts across the company


    Key Skill Sets or Knowledge Requirements:

    • Keen negotiation skills to mediate prospective vendors and internal lines of business to engage into a suitable relationship
    • Astute financial management
    • Deep understanding of regulatory requirements of due diligence such as OCC 2013-29
    • Strong knowledge of the risk management life cycle
    • Competence in SOC controls, info security, technical acumen, SOX
    • Skillful in understanding fee structures and incentives to mitigate uncontrolled expenses
    • Understanding of data classification and retention, insurance coverage, limits to liability
    • Profound knowledge of company policies, board expectations and approval cycles
    • Superior problem-solving skills, self-motivation and the capacity to work under pressure and tight deadlines
    • Strong analytical skills with the ability to collect, organize, analyze, and disseminate significant amounts of information with attention to detail and accuracy
    • Strong customer focus, excellent problem solving and analytical skills
    • Ability to work independently under minimal supervision and strong track record of setting and meeting delivery commitments​

    Desired Career Experience & Education Requirements:

    • BA in Business or Accounting required 
    • 10+ years of experience in a procurement-related role​
    • 5+ years of senior leadership consulting, managerial experience



    • MBA  ​
    • Banking industry 


    Job Functions & Work Environment:


    While performing the duties of this position, the employee is required to sit for extended periods of time. Manual dexterity and coordination are required while operating standard office equipment such as computer keyboard and mouse, calculator, telephone, copiers, etc.  


    The work environment characteristics described here are representative of those an employee may encounter while performing the essential functions of this position. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of this position.



    Equal Employment Opportunity:


    BofI Federal Bank is an equal opportunity employer. We are committed to providing equal employment opportunities to all employees and applicants without regard to race, religious creed, color, sex (including pregnancy, breast feeding and related medical conditions), gender, gender identity, gender expression, sexual orientation, national origin, ancestry, citizenship status, military and veteran status, marital status, age, protected medical condition, genetic information, physical disability, mental disability, or any other protected status in accordance with all applicable federal, state and local laws.


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