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VP, Contract Administration & Vendor Management

Company: N/A

Location: Bridgeport, CT

Pay: N/A

Contact Information

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Phone: n/a
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Job Description


People’s United Bank is a subsidiary of People’s United Financial, Inc.,
a diversified financial services company with over $40+ billion in assets.
Founded in 1842, we are a premier, community-based, regional bank in the
Northeast offering commercial and retail banking, as well as wealth management
services through a network of over 400 retail locations in Connecticut, New
York, Massachusetts, Vermont, New Hampshire and Maine.


This position is responsible for the implementation and administration of the
organization’s contract administration policies and procedures and for
continually monitoring and evaluating the effectiveness of the process. This
position is also responsible for overseeing the Bank-wide Vendor Management

Essential Job Duties -

Oversees, designs, manages and
maintains all department functions and staff including the policy and program
for the organization

Proactively incorporates, oversees and manages all
regulatory changes to policy and program

Strategically understands the
market in the Vendor Management and Contract Management space and incorporates
market trends and best practices to the bank’s Vendor Management policy and

Oversees the administration of the electronic software tool for
Vendor Management

Ensures all department functions are performed

Oversees and ensures internal and external due diligence, including but
not limited to, OFAC Checks, reference checks, data security checks for proposed
suppliers and adherence to all internal policies including obtaining appropriate
approvals. Ensures other due diligence is completed and documented in the Vendor
Management files accordingly including but not limited to; ETRM review,
Insurance Risk, Compliance and Operational Risk as applicable. Escalates items
as appropriate.

Oversees and as needed reviews contracts to ensure that
contract terms and conditions are aligned with the organization’s business
objectives, contain required provisions that adhere to all applicable laws and
regulations, appropriate indemnification language, representations and
warranties and to identify provisions that impose contingent liability or
operational risk or lack appropriate level of approval. Determines which
contracts need to be referred to internal legal staff for further review based
on established policies and guidelines. Ensures staff follows all process and
procedures and documentation is in place

Strong knowledge and leadership
skills when it comes to contract management including the ability to understand
and evaluate contract risks. Escalates to senior management and Executive team
as needed

Determines what contracts require Legal review and when
standard templates can be used. Directs team on next steps

monitors and evaluates the effectiveness and efficiency of contract
administration process, identifies opportunities for improvement and provides
recommendations to management. Escalates any issues to Senior management as

Identifies inherent risks in selecting a new vendor and
strategically manages the ongoing oversight activities for all of the Bank’s
critical vendor relationships. Maintains documentation related to due diligence
and oversight procedures performed on the Bank’s critical

Participates as a leading member of the Bank’s Vendor Management
Advisory Team.

Coordinates the consolidation of agreements where
applicable and advises on vendor concentration risk

Oversees the
coordination of the annual re-evaluation and identification of the
organization’s critical vendors subject to ongoing monitoring.

Reports to
Executive Management as needed with contract escalation and vendor

Adheres to compliance procedures and internal/operational risk
controls in accordance with any and all applicable regulatory standards,
requirements, and policies.


In today’s highly competitive job market, People’s United Bank recognizes
the need to attract, reward, and retain talented employees. That’s why we
provide a comprehensive, competitive and innovative benefits program.

Job Requirements

Education/Experience Requirements:

College degree or equivalent
experience required.

8 – 10+ years relevant experience.

and/or Paralegal certification and experience required

Additional Job

Theoretical and
advanced knowledge of standard contract administration and vendor management
concepts, practices, and procedures, legal requirements and generally accepted
best practices.

Ability to strategically lead the bank where needed as it
affects Vendor Management and Contract Administration

understanding of contract administration and vendor management regulatory
requirements applicable to the Financial Services and Banking

Demonstrates high ethical standards and personal integrity to
build credibility and trust

Must have a professional demeanor,
effectively representing the organization, exhibit sound judgement and maintain
confidentiality especially on critical, confidential

Excellent ability to evaluate, analyze and quantify all
impact of the issues involved, including but not limited to financial and
compliance issues.

Excellent analytical skills are needed to identify
contract non-compliance and to evaluate the effectiveness of the current

Excellent ability to prioritize, multi-task and manage multiple
projects at once. Strong attention to detail. Ability to manage multiple
priorities and escalated issues within specified timeframes.

ability to lead and motivate staff and management throughout the organization to
meet contract and vendor management goals and objectives.

written and verbal skills are needed to interact with internal customers and
external suppliers.

Ability to foster and cultivate effective working
relationships with internal customers and external suppliers.

PC skills including word processing, spreadsheets, internet and internal
software. Ability to learn additional applications as needed.

Ability to
inform, educate and influence employees to adhere to contract administration
process and vendor management processes.

Occasional Travel as required to
facilities where contract discussions or vendor site reviews are needed