Capital One is looking for a dynamic Principal Associate to join its Enterprise Supplier Management (ESM) team in McLean, Virginia. This pivotal role focuses on maintaining and optimizing relationships between the financial institution and its key third-party suppliers. The incumbent will be responsible for a spectrum of duties, including contract negotiation, relationship governance, risk management, and process assessments. Applicants must have a minimum of three years of experience in relationship, supplier, project, or process management, with a preference for individuals with a background in procurement, sourcing, operations, or risk management. This full-time position offers competitive benefits and the opportunity to work within an inclusive, diverse environment that values innovation and strategic problem-solving. Capital One is committed to developing talent and promoting an equitable, inclusive workplace for all its employees. Applications will be accepted until July 15, 2024. Have you ever wondered what a Principal Associate in Enterprise Supplier Management at Capital One does? This professional role plays a crucial part in managing the relationships between this financial services giant and its key third-party suppliers. Read on to explore the ins and outs of this role, its responsibilities, qualifications, and more.
Principal Associate Role in Enterprise Supplier Management at Capital One
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Job Details
- Job Title: Principal Associate, Supplier Management
- Employer: Capital One
- Location: McLean, Virginia, United States
- Industry: Financial Services and Banking
- Function: Finance
- Hours: Full Time
- Closing Date: Jul 15, 2024
The role of a Principal Associate in Enterprise Supplier Management (ESM) at Capital One is a pivotal position within the company’s financial operations. This position requires a thorough understanding of supplier relationships, contract negotiations, and risk management to ensure that Capital One can leverage its suppliers effectively and efficiently.
Role Overview
The Principal Associate, Supplier Management, will be part of the Enterprise Supplier Management (ESM) team at Capital One. The ESM team is responsible for semi-automating and managing the relationships between Capital One and its key third-party suppliers. Priority areas include cost management, risk mitigation, and performance management.
Key Responsibilities
The role encompasses a variety of tasks that require both strategic thinking and practical application. Here are the core responsibilities:
Problem Solving & Strategy Advice
One of the primary responsibilities is to support internal customers with innovative ideas. This involves:
- Understanding Needs: Engage with internal stakeholders to comprehend their needs and challenges.
- Solution Implementation: Propose and implement strategic solutions to meet these needs.
Negotiation
Negotiation is a major part of the role:
- Contract Negotiation: Negotiate contracts for various services and supplies to ensure the best value for Capital One.
- Term Analysis: Assess contract terms to identify potential risks and opportunities.
Relationship Management
This role is also responsible for maintaining effective relationships with third-party suppliers:
- Primary Contact: Act as the primary point of contact for third parties.
- Governance: Manage governance to ensure suppliers meet their contractual obligations.
Collaboration
Collaborating with internal risk groups and ensuring compliance with policies and procedures is essential:
- Policy Adherence: Ensure all supplier-related activities comply with Capital One’s policies and procedures.
- Risk Groups: Work closely with internal risk groups to align strategies and mitigate risks.
Risk Management
Monitoring delivery against third-party contractual obligations is another key responsibility:
- Delivery Monitoring: Evaluate supplier performance to ensure they adhere to the terms of the contract.
- Risk Mitigation: Identify potential risks and devise strategies to mitigate them.
Process Management
Process management involves conducting reviews and assessments:
- Review & Assess: Conduct regular reviews and assessments of supplier relationships.
- Continuous Improvement: Identify areas for improvement and implement necessary modifications.
Supplier Sourcing
Being aware of market conditions and conducting sourcing activities when needed is critical:
- Market Awareness: Stay updated on market conditions that may impact supplier relationships.
- Sourcing Activities: Conduct supplier sourcing activities to identify and vet potential suppliers.
Basic Qualifications
To be considered for this role, candidates must meet the following basic qualifications:
- Experience: At least 3 years of relevant experience in Relationship, Supplier, Project, or Process Management.
Preferred Qualifications
Candidates with additional experience in specific areas are preferred:
- Advanced Experience: At least 4 years of experience in Procurement, Sourcing, Operations, or Risk Management.
Other Details
Some additional details about the role include:
- Travel Requirements: Limited travel may be required.
- Benefits: Capital One provides competitive benefits.
- Inclusive Workplace: Capital One promotes an inclusive, diverse workplace.
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Capital One Commitment
Capital One places a strong emphasis on diversity, inclusion, and building a culture of belonging. Their initiatives include:
- Talent Development: A focus on talent development and promoting fairness and equity in systems and programs.
- Equal Opportunity: As an equal opportunity employer, Capital One is committed to a diverse and inclusive workforce.
Conclusion
In conclusion, the role of Principal Associate in Enterprise Supplier Management at Capital One is multifaceted and vital to the company’s success. The responsibilities range from strategic problem-solving and negotiation to in-depth relationship and risk management. With robust requirements and a commitment to fostering an inclusive environment, Capital One offers a rewarding opportunity for those who fit the bill.
By aligning supplier management strategies with business goals, the Principal Associate ensures that Capital One continues to operate efficiently while maintaining strong relationships with key third-party suppliers.
For those aspiring to take on this challenging yet rewarding role, meeting the fundamental qualifications and embodying Capital One’s values of diversity and inclusion will be critical steps toward success.
Tables for Reference
| Job Title | Principal Associate, Supplier Management |
|---|---|
| Employer | Capital One |
| Location | McLean, Virginia, United States |
| Industry | Financial Services and Banking |
| Function | Finance |
| Hours | Full Time |
| Closing Date | Jul 15, 2024 |
| Mandatory Experience | At least 3 years in Relationship, Supplier, Project, or Process Management |
| Preferred Experience | At least 4 years in Procurement, Sourcing, Operations, or Risk Management |
| Travel | Limited |
| Inclusive Workplace | Yes |
| Competitive Benefits | Yes |
For potential candidates, understanding the scope and impact of this role is crucial. Those looking to make a meaningful contribution to Capital One’s supplier management efforts will find this position both challenging and rewarding.
Understanding the role and the detailed requirements ensures that applicants can prepare thoroughly, making a substantial impact on Capital One’s operations and success. If you’re ready to embrace a role that combines strategic planning with operational rigor, the Principal Associate position in Enterprise Supplier Management at Capital One might be the right fit for you.
