Vendor Management Manager
Cincinnati Financial Corporation
Fairfield , OH 45018
Posted 5 months ago
Make a difference with a career in insurance
At The Cincinnati Insurance Companies, we put people first and apply the Golden Rule to our daily operations. To put this into action, we're looking for extraordinary people to join our talented team. Our service-oriented, ethical, knowledgeable, caring associates are the heart of our vision to be the best company serving independent agents. We help protect families and businesses as they work to prevent or recover from a loss. Share your talents to help us reach for continued success as we bring value to the communities we serve and demonstrate that Actions Speak Louder in Person.
If you're ready to build productive relationships, collaborate within a diverse team, embrace challenges and develop your skills, then Cincinnati may be the place for you. We offer career opportunities where you can contribute and grow.
Start your journey with us:
The Cincinnati Insurance Companies is currently seeking a vendor management manager to negotiate business terms and conditions; navigate the vendor management process; review existing vendors' product/services; and conduct and score vendors through audits.
Be ready to:
- act as a liaison between the procurement department and business units for vendor management and purchasing responsibilities
- research alternative vendors and products
- procure goods and services from vendors at the best possible price and level of service
- facilitate the vendor onboarding process, including the evaluation and selection of a vendor
- conduct utilization reviews
- track and evaluate vendor performance and compliance
- serve as a subject matter expert for procurement-owned systems and processes
- work with business units on larger renewals by providing expert advice to make sure services are still being used, the vendor's stability in the market is strong and the risk to the company has not changed
- assist with the sourcing of new vendors as needed through RFPs and continue with the lifecycle management of the large vendors for the company
- facilitate the collection of the appropriate financial, compliance and IT security information in preparation of CBAs
- provide timely review/negotiate the price, business terms and conditions of the service/product offerings with the business unit and/or vendors with the goal of creating a win/win environment with measurable positive financial results
- facilitate transparency for management concerning the status of vendor evaluation, selection and negotiation
- report periodically to executive management on vendor management activities and outcomes
- promote effective communication to vendors of our company's expectations
- ensure appropriate executive involvement in dealings with strategic vendors
- foster awareness of management's responsibilities with respect to vendors
- employ leading practice negotiation methods and assist the company's management in dealing with vendors' own professional negotiators
- facilitate the efficient, timely and effective assessment of vendor risks and controls, including information security controls
- adopt and pursue continuous improvement of efficient and effective vendor review processes
- create consistent methodologies and processes for the internal vendor management workflow
- create/maintain a vendor database of spend, services and products
- lead the vendor evaluations and work with other departments to conduct regular audits of vendor's performance
- create consistent performance measurements (benchmarks) and risk scores on existing vendors
- work towards continuous process improvements through the VMO, creating best practices
- stay current on our business continuity plans, along with the vendor's plans
- stay current on industry trends and emerging technologies regarding vendor management best practices
- maintain an environment of continuous learning through various media opportunities
- develop network of other VMO managers at other firms to increase knowledge basis and access to real world knowledge
Be equipped with:
- ability to work in a fast-paced environment with multiple assignments and short turnaround times
- strong project management skills
- ability to read/understand complex business terms and conditions and statements of work
- strong leadership skills, with the proven ability to effectively manage, delegate, mentor and motivate teams
- strong, concise communication skills, both written and verbal
- strong problem-solving and analytical skills.
- strong decision-making skills.
- critical thinker with attention to detail
- 10 plus years of leadership experience with managing staff and programs
- 10 plus years of experience with negotiations with signoff authority
- 10 plus years of experience with vendor management
- ability to work as part of a team across multiple departments
- ability to be flexible with the timelines of internal customers while maintaining structure and complying with VMO requirements
- ability to analyze data and work to improve results
- strong interpersonal skills
- strong presentation skills
- track record of regular interaction with senior-level executives at large companies
- experience in creating meaningful objectives, action items to achieve the objectives, Key Performance Indicators ("KPIs") to track progress, status updates with key stakeholders, and meaningful status reporting for team members and stakeholders
- sound business acumen and the ability to assess risk and opportunity
- a bachelor's degree required
- MBA and/or relevant professional designations preferred
Enhance your talents
Providing outstanding service and developing strong relationships with our independent agents are hallmarks of our company. Whether you have experience from another carrier or you're new to the insurance industry, we promote a lifelong learning approach. Cincinnati provides you with the tools and training to be successful and to become a trusted, respected insurance professional all while enjoying a meaningful career.
Enjoy benefits and amenities
Your commitment to providing strong service, sharing best practices and creating solutions that impact lives is appreciated. To increase the well-being and satisfaction of our associates, we offer a variety of benefits and amenities. Learn more about our benefits and amenities packages.
Embrace a diverse team
As a relationship-based organization, we welcome and value a diverse workforce. We grant equal employment opportunity to all qualified persons without regard to race; creed; color; sex, including sexual orientation; religion; national origin; age; disability; or any other basis prohibited by law. Learn more about the Federal Employment Notices.