At a Glance
- Tasks: Lead strategic sourcing and contract negotiations to secure the best suppliers for our bank.
- Company: Join a leading financial institution committed to ethical and sustainable procurement.
- Benefits: Enjoy a competitive salary, generous pension contributions, private medical insurance, and more.
- Other info: Collaborate with diverse teams and drive innovation in sourcing strategies.
- Why this job: Make a real impact in a dynamic environment while developing your career in procurement.
- Qualifications: Degree level education and 5+ years of procurement experience in a regulated setting.
The predicted salary is between 55000 - 65000 £ per year.
Responsibilities
- Responsible for end-to-end strategic sourcing and contracting across assigned indirect spend categories, ensuring the Bank secures best value, fit for purpose suppliers and robust commercial agreements that support business outcomes and delivery timelines.
- Leads competitive sourcing activity (including "net new" and renewal/recurring engagements), shaping sourcing strategies, running structured tender processes, and negotiating contracts (including appropriate service levels, governance, risk protections and exit provisions) in partnership with Service Owners, Legal and relevant risk/control teams.
- Operating within a regulated financial services environment, the role ensures sourcing and contracting activity is delivered in line with internal procurement frameworks and the Bank's obligations relating to outsourcing and third party risk management, operational resilience, auditability, and ethical/sustainable procurement.
Sourcing Strategy & Category Planning
- Develop and maintain category sourcing strategies for assigned indirect spend areas, informed by business demand, supplier market dynamics, cost drivers, and risk considerations.
- Build multi-year pipelines of "net new", renewal and optimisation opportunities; identify initiatives to deliver measurable value (commercial benefit, risk reduction, operational simplification).
- Provide proactive market insight (benchmarking, supplier innovation, emerging risks such as concentration risk) and brief stakeholders with clear options and recommendations.
End to End Sourcing Delivery
- Lead structured sourcing events (RFI/RFP/RFQ, evaluation, negotiation, award), ensuring a transparent, fair and well documented process with a clear audit trail.
- Define commercial models, pricing constructs and contractual mechanisms (e.g., indexation controls, usage bands, service credits, gainshare where appropriate) to optimise value over the contract lifecycle.
Contracting, Governance & Regulatory Alignment
- Negotiate and deliver contracts that are fit for a regulated bank, ensuring contractual provisions support operational resilience and third party risk expectations (e.g., clear service definitions, data protection/security obligations, access/audit rights, sub contracting controls, incident obligations, BCP/DR, and exit/transition provisions).
- Work with the Procurement Vendor Governance function, Service Owners, Information Security and SMEs to ensure risk assessment and due diligence outputs are appropriately reflected in contract schedules and obligations.
- Ensure sourcing activity follows internal frameworks (Sourcing Management Framework, Sustainable Procurement Policy, Outsourcing & Third Party Risk policy), including correct routing, approvals and records management.
- Support remediation of legacy contracts where required by updated regulatory expectations at renewal or material change points (working with Legal and stakeholders to prioritise and sequence).
Stakeholder Partnership & Decision Support
- Act as a trusted commercial advisor to stakeholders, shaping requirements early, challenging "must haves" vs "nice to haves", and ensuring sourcing approach is proportionate to risk and spend.
- Facilitate cross functional alignment across Finance, Legal, Technology, Risk/Compliance and InfoSec to remove blockers and drive timely decisions.
- Prepare concise sourcing papers (options, evaluation outcomes, commercial justification, key risks) suitable for senior approval forums in line with authority levels.
Supplier Handover & Lifecycle Readiness
- Deliver a disciplined handover from contract execution into ongoing vendor governance / relationship management, ensuring service owners and vendor managers have what they need to manage performance, risk, renewals and obligations.
- Ensure contract artefacts, key metadata and obligations are stored and indexed appropriately to support auditability and ongoing management (with Procurement maintaining central contract records).
Cost Optimisation, MI & Continuous Improvement
- Monitor and analyse spend and supplier performance trends to identify savings, demand management and rationalisation opportunities without compromising service quality or control.
- Support procurement MI (pipeline, cycle times, savings, contractual protections embedded, renewals forward view) and contribute to continuous improvement of sourcing processes, templates and toolsets (including automation where appropriate).
- Promote ethical conduct, sustainability and supplier standards in line with the Sustainable Procurement Policy and Vendor Code of Conduct expectations.
Qualifications & Experience
- Educated to Degree level or equivalent.
- Extensive experience in procurement and sourcing; able to demonstrate a track record of delivering contract negotiations, cost savings and strategic sourcing initiatives in a high growth environment.
- Must have held a previous sourcing role and be able to demonstrate a strong track record of working and communicating effectively across the breadth and depth of an organisation.
- 5+ years of experience in procurement, sourcing, contract negotiation and vendor management within financial services or a similar regulated environment.
- Hands on with the ability to balance essential functions while building out processes to embed over in time.
- Excellent communication, interpersonal, negotiation and influencing skills with the ability to build and maintain relationships with internal and external stakeholders.
- Good leadership and influencing capabilities. Can cite specific examples of influencing technical and business management decisions to the benefit of the company.
- Ability to work and deliver under pressure.
- Ability to prioritise quickly and effectively in difficult situations.
- Ability to install confidence in internal and external stakeholders.
- Ability to remain calm, communicate effectively and motivate team members and stakeholders in high pressure situations.
Benefits & Compensation
- Contributory personal pension plan: Minimum 2% employee contribution and 7% employer contribution, with employer matching contributions in 1% increments up to a maximum of 5% employee and 10% employer.
- Life Assurance: 4 times annual salary.
- Group Income Protection.
- Private Medical Insurance (may include cover for partner and/or children at company cost. Includes Optical, Dental and Audiology).
- Discretionary Bonus.
- Competitive Annual Leave.
- 2 Volunteering Days.
- Benefit Hub.
Procurement Manager in City of Westminster employer: Crown Agents Bank
As a leading financial institution, we pride ourselves on being an excellent employer that fosters a collaborative and inclusive work culture. Our Procurement Manager role offers not only competitive compensation and comprehensive benefits, including a generous pension plan and private medical insurance, but also ample opportunities for professional growth and development within a dynamic and regulated environment. Join us to make a meaningful impact while enjoying a supportive atmosphere that values ethical practices and sustainability.
StudySmarter Expert Advice🤫
We think this is how you could land Procurement Manager in City of Westminster
✨Tip Number 1
Network like a pro! Reach out to your connections in the procurement field and let them know you're on the hunt for a new role. You never know who might have the inside scoop on job openings or can put in a good word for you.
✨Tip Number 2
Prepare for interviews by researching the company and its procurement strategies. Be ready to discuss how your experience aligns with their needs, especially in areas like strategic sourcing and contract negotiation. Show them you mean business!
✨Tip Number 3
Practice your negotiation skills! Since you'll be expected to negotiate contracts, it’s crucial to demonstrate your ability to secure the best value during interviews. Role-play scenarios with friends or mentors to build confidence.
✨Tip Number 4
Don’t forget to apply through our website! We’ve got loads of opportunities that might just be the perfect fit for you. Plus, it’s a great way to ensure your application gets seen by the right people.
We think you need these skills to ace Procurement Manager in City of Westminster
Some tips for your application 🫡
Tailor Your Application:Make sure to customise your CV and cover letter for the Procurement Manager role. Highlight your experience in strategic sourcing and contract negotiation, and show us how you can deliver value in a regulated environment.
Showcase Your Achievements:Don’t just list your responsibilities; we want to see your successes! Include specific examples of cost savings or successful negotiations you've led. This will help us understand the impact you've made in previous roles.
Be Clear and Concise:When writing your application, keep it straightforward. Use clear language and structure your thoughts logically. We appreciate a well-organised application that’s easy to read and gets straight to the point.
Apply Through Our Website:We encourage you to submit your application through our website. It’s the best way for us to receive your details and ensures you’re considered for the role. Plus, it’s super easy to do!
How to prepare for a job interview at Crown Agents Bank
✨Know Your Procurement Stuff
Make sure you brush up on your procurement knowledge, especially around strategic sourcing and contract negotiation. Be ready to discuss specific examples from your past experiences that showcase your ability to deliver cost savings and manage vendor relationships effectively.
✨Understand the Regulatory Landscape
Since this role is within a regulated financial services environment, it’s crucial to familiarise yourself with relevant regulations and compliance requirements. Prepare to discuss how you've navigated these in previous roles and how you ensure that sourcing activities align with internal frameworks.
✨Showcase Your Stakeholder Management Skills
This position requires strong communication and influencing skills. Think of instances where you've successfully collaborated with cross-functional teams or influenced decision-making. Be ready to explain how you can act as a trusted advisor to stakeholders and facilitate alignment across departments.
✨Prepare for Scenario-Based Questions
Expect scenario-based questions that assess your problem-solving abilities under pressure. Practice articulating how you would handle challenging situations, such as negotiating tough contracts or managing conflicts between stakeholders, while maintaining a calm and professional demeanour.
