OPT Vendor Risk Management Jobs

Position Description:

Base pay is influenced by several factors including a candidate’s qualifications, relevant experience, and anticipated contributions to meet the needs of the business, along with internal pay equity and external market-driven rates. The salary range displayed has not been adjusted for geographical location. This range has been created in good faith based on information known to Capital Blue Cross at the time of posting and may be modified in the future. Capital Blue Cross offers a comprehensive benefits packaging including Medical, Dental & Vision coverage, a Retirement Plan, generous time off including Paid Time Off, Holidays, and Volunteer time off, an Incentive Plan, Tuition Reimbursement, and more.

At Capital Blue Cross, we promise to go the extra mile for our team and our community. This promise is at the heart of our culture, and it’s why our employees consistently vote us one of the “Best Places to Work in PA.”

The Vendor Alliances Consultant (VAC) is part of the Vendor Alliances (VA) Consulting team, which is accountable for high-value strategic vendor management activities. The VAC is responsible for executing strategic vendor management activities across a defined portfolio of Tier 1 and Tier 2 vendors (those deemed moderate to high in criticality, risk, and spend), in alignment with the (VA) Consulting and Operations model. This role focuses on vendor strategy, negotiation, stakeholder engagement, and value realization, while ensuring vendor governance, risk management, and cost optimization objectives are achieved. The VAC partners with business stakeholders to drive strategic outcomes and leverages insights, benchmarking, and analytics to inform vendor decisions. The VAC works with Privacy, Security, Legal and Compliance to ensure the Vendor Lifecycle is operating in accordance with relevant policies, procedures, laws and regulations. Further, this position will represent VA at a variety of internal work groups and Department/Division strategy meetings. As a representative of VA, the individual will ensure adherence to Capital's policies on vendor contracts and advise such groups as to business processes or strategies that align with contract terms and conditions, and those that do not. As a VAC, this individual manages a portfolio of Tier 1 and Tier 2 vendors throughout the Vendor Lifecycle. The VAC assists in the ongoing development and modification of Capital's vendor strategy, including sourcing, negotiation, oversight, and disengagement. The VAC serves as an internal consultant to business areas on specific vendor strategy and engagement.

Responsibilities and Qualifications:

• Leads through all components of the vendor lifecycle for Tier 1 and Tier 2 vendors, including: Vendor strategy and prioritization, Negotiation strategy development and execution, Cross-functional business engagement, Vendor oversight and performance management, Value realization tracking (cost, performance, and risk outcomes)
• Participates as a strategic contributor in sourcing events (RFP, RFI, RFQ), including defining requirements, evaluating vendor responses, and supporting negotiation strategy and final vendor selection decisions.
• Focuses on improving strategic vendor management practices, including vendor prioritization, negotiation effectiveness, benchmarking utilization, and stakeholder engagement.
• Executes on the vendor contracting process including drafting, negotiating, and ensuring proper approval and execution of contracts; monitors vendors’ performance to contract, including performance guarantees and service levels, and regularly communicates with internal business stakeholders regarding vendor performance; participates in decision to disengage or renew vendors and assists with the disengagement or renewal.
• Identifies and implements process improvements to increase overall effectiveness of the vendor lifecycle and performs other duties as requested to support the Vendor Alliances department.

Skills:

• Ability to manage a portfolio of high impact, high-risk, high-value vendors
• Ability to apply vendor tiering and prioritization frameworks
• Ability to translate benchmarking and analytics into actionable negotiation strategies
• Ability to influence and drive strong stakeholder engagement
• Consistently applies sound business judgment in making decisions that affect the company.
• Proficient in Microsoft Office (Word, Excel, PowerPoint, Teams) and SharePoint.
• Proficient in Contract Lifecycle Management software.
• Works independently as well as part of a high-performance team under tight time constraints with multiple priorities, adaptable to change, and able to multi-task, as necessary.
• Cultivates and maintains solid, positive relationships with internal business stakeholders and vendors in support of the business.
• Demonstrates strong analytical and problem-solving skills, collaboration skills, and ability to influence others to reach common goals.
• Effectively handles ambiguity and thinks conceptually.
• Maintains strong verbal and written communication skills with ability to craft messages appropriate for both the level of and in the preferred style/format of the target audience.
• Self-starter who demonstrates the drive, determination, and perseverance to get things done with a “can-do” attitude.
• Strong negotiation, contract management, and decision-making skills.
• Strong organizational skills, with the ability to effectively reprioritize workload to manage ad-hoc requests and competing priorities.

Knowledge:

• Knowledge of vendor tiering frameworks and portfolio segmentation
• Knowledge of benchmarking tools and cost optimization practices
• Knowledge of vendor oversight best practices
• Skilled in contract drafting and negotiation.
• Proficient in vendor management practices.
• Knowledge of vendor acquisition practices preferred.
• Knowledge of healthcare or insurance industry preferred.
• Knowledge of Medicare, PPACA, FEP, CHIP and other regulatory requirements that impact vendor contracting preferred.

Experience:

3 years' experience in a Vendor Management, Vendor Contracting, and/or Vendor Procurement environment.

Education and Certifications:

Bachelor’s degree in business, finance, or a health-related field is preferred.

Work Environment:

Office environment with extensive cross-functional interaction.

Travel:

Potential travel to external meetings, conferences, vendors, etc. (less than 10%).

Physical Demands:

While performing the duties of the job, the employee is frequently required to sit, use hands and fingers, talk, hear, and see. The employee must be able to work over 40 hours per week. The employee must occasionally lift and/or move up to 5 pounds.

About Us: We recognize that work is a part of life, not separate from it, and foster a flexible environment where your health and wellbeing are prioritized. At Capital you will work alongside a caring team of supportive colleagues and be encouraged to volunteer in your community. We value your professional and personal growth by investing heavily in training and continuing education, so you have the tools to do your best as you develop your career. And by doing your best, you’ll help us live our mission of improving the health and well-being of our members and the communities in which they live.