Sr Contract AnalystApply Job ID 18882709897 Location Fishers, IN Company Name Navient
The Contract Analyst is responsible for developing abstracts of executed contracts, loading and managing contract key terms and associated artifacts in a contracts repository, and providing renewal notifications to business owners and procurement. Incumbent monitors renewal dates for active contracts and proactively works with Business Areas, Legal and Procurement to provide guidance on contract sections requiring updates or revisions. In addition, incumbent assists in sourcing vendors, performing vendor research and analysis, and support issuance and review of RFIs, RFQs, and RFPs. Incumbent will coordinate and manage the ongoing oversight of assigned vendors. Incumbent must be proficient in contract structure, standards and language as well as general procurement practices. Incumbent exercises discretion and independent judgment with respect to matters of significance.
1. Contract Abstract Development and Management
* Develop contract cover sheets for executed contracts, identifying key terms and conditions. Review contract cover sheets completed by Business Areas and augment as needed to ensure abstract accurately depicts key terms and conditions of contract. Summarize technical and legal terminology in abstract for technical and non-technical personnel
* Evaluate and analyze contract provisions to determine compliance with policies, providing thoughtful and thorough analysis
* Identify contract provisions requiring acquisition of information on a date driven basis and summarize as contract milestones
* Monitor renewal dates for active contracts and proactively work with Business Areas, Legal and Procurement, providing guidance on contract sections requiring updates or revisions
* Facilitate communications with Business Areas, Legal and Procurement regarding contracts, serving as a subject matter expert on questions and requests related to contract administration
* Create, analyze and distribute contract reports and statistical data to executive management, Legal and Compliance, identifying compliance and contractual trends and potential areas of corporate risk. Develop recommendations for varying levels of management on risk mitigation activities
2. Contract Repository
* Determine hierarchy of contracts and supporting artifacts and identify appropriate record structure within contract repository. Create contract record with appropriate hierarchy in contracts repository. Upload imaged artifacts and ensure key searchable terms mapped appropriately for contract record
* Confirm business ownership of contracts and identify enterprise ownership of master contracts spanning Business Areas
* Identify when contracts or supporting documents are missing and work with Business Areas and Legal to acquire artifacts
3. Category and Sourcing Management
* Perform market research on assigned categories and commodities.
* Identify qualified vendors for participation in sourcing events.
* Lead (or assist with) contract negotiations using a variety of techniques, including multi-round competitive bidding, RFx processes. Manage and facilitate cross-functional teams in the pursuit of several corporate procurement categories. Maintain the highest degree of ethical standards and adherence to Navient policies in the conduct of corporate procurement projects.
* Monitor significant developments among vendors, including financial results, management turnover and product line strategies.
* Provide training and tools to business users and internal customers to support these procurement processes.
* Provide management and administrative support for technology tools that support the supplier and contract management processes.
* Network externally to facilitate competitive intelligence, including best practices, emerging/potential sources of competitive advantage, market pricing, etc.
4. Contract and Vendor Management Oversight Processes
* Effectively design, develop and execute company procedures relating to contract administration. Partner with Legal to augment contract policy as needed to mitigate risk for Navient
* Develop and maintain contract development and administration checklists, guiding internal team members and external users in usage
* Establish and maintain effective working relationships with Vendor Risk Management, Information Security and Privacy Office, confirming completion of due diligence activities related to contracts prior to execution of sourcing or purchasing activities
* Evaluate compliance trends across departments and subsidiaries and identify Business Areas where compliance appears to be an issue. Proactively work with Compliance and Business Areas to address deficits
* Provide subject matter expertise on contract administration in internal and external audits, and assist in compiling audit evidence
* Perform vendor oversight to monitor vendor compliance with established agreements. This includes monitoring service levels, outages or other unusual events, customer satisfaction levels and supplier responsiveness. Also includes reviewing the accuracy and timeliness of invoices and their processing.
* Monitor Navient compliance with established agreements. This includes adherence to contracts terms, meeting requirements for self-audit and true-up, and timeliness of invoice payment.
* Track and report savings for assigned categories
* Bachelor's Degree - Business, Finance or Technology - Additional experience above the required minimum education may substitute
* 3 years of contract administration and/or procurement experience including contract law and administration with a background in researching and reviewing contracts; or any combination of education and experience which would provide an equivalent background
* Requires a solid understanding of contract terms and of best practices in contract administration in a procurement environment
* Requires strong written and oral communication skills